June 25, 2022

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The GBP is the strongest and the NZD is the weakest as NA traders enter for the day

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The USD is mixed/marginally stronger as traders await the US employment report

As traders await the US employment report at the bottom of the hour, the GBP is the strongest and the NZD is the weakest. The GBP was the weakest of the majors at the close yesterday.  The USD is mixed but tilting to the upside ahead of the key US employment report where expectations are for an even 1M change in NFP jobs and a dip in the US employment rate to 5.8% from 6% last month.  The earnings are expected to be unchanged MoM.  US stocks in pre-market trading are higher. US yields are near unchanged. Gold is up after a big gain yesterday took the precious metal above $1800. Canada will also report their jobs data with exectations for -150K vs +303.1K last month (unemployment rate going to 8% from 7.5%).

The USD is mixed/marginally stronger as traders await the US employment report

Looking at the ranges and changes, the high to low trading ranges are all relatively modest with the ranges vs the USD all before 42 pips on the day and as lows as 26 pips (for the USDJPY).  The market is cruising into the jobs report with a relative calm as it waits for the potential fireworks.

The ranges and changes for the major currency pairs

In other markets:

  • Spot gold is trading up $3.59 or 0.20% at $1818.76
  • Spot silver is trading down six cents or -0.23% at $27.24
  • WTI crude oil futures are trading down $0.16 or -0.25% at $64.55
  • Bitcoin it is trading up $663.65 or 1.19% at $56,624.  Ethereum is down $16.41 or -0.47% at $3452.09

In the premarket for US stocks, the futures are implying a higher opening.  After the close yesterday, the Federal Reserve warned that asset prices may be “vulnerable to significant declines should risk appetite fall”.  HMMMM.:

  • Dow , +90 points. The index closed up 318.19 points to a new record.  The new all-time high came in at 34561.29.
  • S&P index +7.7 points. The index closed up 34.03 point yesterday
  • NASDAQ index +17 points. The index closed up 50.42 point yesterday

in the European equity markets, the major indices are trading higher:

  • German DAX, +1.22%
  • France’s CAC +0.2%
  • UK’s FTSE 100, +0.6%
  • Spain’s Ibex, +0.6%
  • Italy’s FTSE MIB, +0.25%

in the US debt market, the yields are trading mixed with a marginally flatter yield curve (2years are up 0.4 basis points while 10 year yields are down -0.3 basis points).

US yields are mixed

In the European debt market, the yields are trading mostly higher with the UK 10 year the exception at -0.3 basis points in the snapshot.

European yields are mostly higher

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