December 9, 2022

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

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The USD is weaker

As the NA session begins, the NZD is the strongest and the JPY is the weakest as NA traders enter for the day.  The USD is weaker with declines with all the major currencies sans the JPY.   The largest greenback declines are vs the NZD and EUR.  Stocks are higher in the US in pre-market trading (S&P and Nasdaq on a 2 day up streak and the Dow on its 4th day of higher values).  Yields are lower marginally.  Gold and crude are relatively little changed.   Bitcoin is lower after failing to breach the $40K level and the 200 day MA near that level.  

The USD is weaker

Looking at the ranges and changes, the EURUSD (and EUR pairs) are trading at/near new highs as the NA day begins.  The GBPUSD is heading the other way as EURGBP buying helps to swerve both the EURUSD and the GBPUSD.  The ranges are mixed. The USDCAD are the most non-trending at 27 and 30 pips respectively.  The other pairs have a little more life but are still mostly below the 22 day averages. 

The ranges and changes for the major currency pairs
In other markets:

  • Spot gold is up two dollars or 0.10% at $1882.80.
  • Spot silver is down seven cents -0.27% at $27.69
  • WTI crude oil futures are trading down $0.28 a -0.42% at $65.77
  • the price of bitcoin is trading down $1895 or -4.86% at $37,144.  Ethereum is trading down $172 or -6.56% at $2457

in the premarket for US stocks, the futures are implying a higher opening for the major indices:

  • Dow Jones, up 89 points. Yesterday, the index rose 186.14 point
  • S&P index up 13.5 points.  Yesterday the index rose 41.19 points
  • NASDAQ index up 72 points. Yesterday the index rose 190.18 points

In the US debt market, the yields are marginally lower:

US yields are lower

in the European debt market, the benchmark 10 year yields are also trading lower. The German 10 year yield which got within seven – eight basis point of 0.0% last week is trading down -1.53% currently. France yields remain above 0.0% at 0.216%.

European yields are lower

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