August 8, 2022

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The JPY is the strongest and the NZD is the weakest as the NA session begins

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The USD is higher but near unchanged vs JPY, CHF, CAD and AUD

The JPY is the strongest and the NZD is the weakest as the NA session begins. The USD is higher but also near unchanged levels versus the JPY, CHF, CAD and AUD.  US stocks have a rebounded after yesterday’s sharp declines (S&P had its biggest loss since May. The NASDAQ had its largest loss since March 18). US yields are lower with the 10 year yield down -3.1 basis points and back toward the 1.500% level. Today Fed’s Powell, BOJs Kuroda, ECBs Lagarde and and BOEs Bailey will participate on a panel discussion at 1545 GMT (CLICK HERE for details).  Feds Harker, Daly and Bostick are also scheduled to speak today. The clock continues to tick toward the government shutdown at the end of day on September 30 (tomorrow). 
The USD is higher but near unchanged vs JPY, CHF, CAD and AUD

A snapshot of other markets shows:

  • Spot gold is trading up $8.35 or 0.48% at $1742.20.
  • Spot silver is down $0.17 or -0.74% at $22.26
  • WTI crude oil futures are trading down $0.51 or -0.68% at $74.78
  • Bitcoin is trading up $1400 at $42,468

In the premarket for US stocks, the major indices are all trading higher after yesterdays sharp declines. The futures are implying:

  • S&P index up 27.32 points after yesterday’s -90.46 point decline
  • Dow industrial average up 173 points after yesterday’s -569.38 point decline
  • the NASDAQ index up 120 points after yesterday’s -423.29 point decline

In the European equity markets, the major indices have also rebounded after sharp declines yesterday:

  • German DAX, +0.95%
  • France’s CAC, +1.1%
  • UK’s FTSE 100 +0.9%
  • Spain’s Ibex, +0.8%
  • Italy’s FTSE MIB, +0.75%

In the US debt market, yields are lower with the 10 year down -3.1 basis points near the 1.500% level:

US yields are lower

In the European debt market, the 10 year yields are also lower:

European benchmark 10 year yields are lower

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