The USD is mixed.
Today the NZD is the far away strongest of the major currencies after the RBNZ to the low change in policy, but did say that rates could rise by the third quarter of 2022. That sent all the NZD pairs racing to the upside. Since then, there has been a leveling off. The AUD was also dragged higher, but lags the gains seen in the NZD. The EUR is the weakest of the majors. The USD would be marginally higher if not for the sharp -1.08% decline in the NZD, but changes are modestly higher with the greenback up 0.2% vs the EUR as the biggest upside mover.
There are no key economic releases today in the US or Canada. Fed’s Quarles discusses insurance regulation and speaks on the economy later in the day. The DOE will release their weekly inventory data with oil inventories expected -1000K (the private data showed a -439K drawdown). The U.S. Treasury will auction off five year notes at 1 PM.
Looking at the ranges and changes spikes are mainly in the NZD pairs with each showing ranges well above the 22 day averages and trading near the highs for the NZD. The EURUSD is trading down 22 pips. The AUDUSD is up 21 pips but well off it’s highs. The USDCAD is trading near highs after trading lower earlier and rallying in the London/European session. The GBPUSD, USDJPY and USDCHF are all trading near unchanged for the day.
- Spot gold is up $7.34 or 0.4% at $1906.94
- Spot silver is up $0.10 or 0.3% $20.10
- WTI crude oil futures are trading down $0.25 -0.3% at $65.82
- The price of bitcoin moved back above the $40,000 level today two $40,900 but is trading just below that key level at $39,994. The 200 day moving average at $40,636
In the premarket for US stocks, the futures are implying a higher opening for the major indices after yesterday’s decline across the board:
- Dow Jones, up 75.54 point. Yesterday the index felt -81.52 points. A three day up streak was stopped yesterday
- S&P index up 14 points, after yesterday’s -8.92 point decline
- NASDAQ index up 66 points. Yesterday the index felt -3.99 points
In the European equity markets, the major indices are trading lower:
- German DAX, -0.2%
- France’s CAC, -0.2%
- UK’s FTSE 100, -0.4%
- Italy’s FTSE MIB -0.55%
- Spain’s Ibex, -0.62%
In the US debt market, the yields are marginally higher with a narrow trading range:
In the European debt market, the benchmark 10 year yields continuing their moved to the downside with declines of -3.3 basis points to -4.0 basis points across the board.