December 3, 2022

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The EUR is the strongest and the AUD is the weakest as NA traders enter for the day

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The USD is marginally higher/mixed

The EUR is the strongest and the AUD is the weakest as North American traders enter for the day . The US will release PCE data with Core PCE for June expected at 0.6% (3.7% YoY – highest in 30 years) after a 0.5% gain last month.  US stocks are lower after Amazon warned about revenues going forward and was short on revenues.   Facebook warned the on Wednesday as well.   The Nasdaq is sharply lower in pre-market trading.  China shares were down after a 2-day reprieve. The Hang Seng fell -1.3%. Euro area GDP was mixed with Germany lower and France, Italy higher than expectations. Overall Euro GDP grew by 2.0% for the quarter (not annualized) which was stronger than the 6.5% the US announced yesterday. 

The USD is marginally higher/mixed

In other markets:

  • Spot gold is up $0.71 or 0.4% at $1828.14.  Yesterday the precious metal rose sharply on the back of a weaker dollar
  • Spot silver is up two cents or 0.08% $25.52
  • WTI crude oil futures are up $0.10 or 0.14% at $73.49
  • Bitcoin is trading lower by about $1200 and $38,824

The US stocks are lower to start the day with the NASDAQ leading the way after a revenue miss from Amazon and lower expectations going forward:

  • NASDAQ -170 points after yesterday’s 15.69 point rise
  • Dow industrial average -103 points. The index rose 153 points yesterday
  • S&P -30 points. Yesterday the index increased by 18.51 points

In the European markets today, the major indices are lower despite the GDP beat:

  • German DAX -0.87%
  • France’s CAC, -0.27%
  • UK’s FTSE 100, -0.9%
  • Spain’s Ibex, -1.2%
  • Italy’s FTSE MIB, -0.4%

In the US debt market, the yields are lower with the 10 year down close to three basis points:

US yields are lower

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