February 3, 2023

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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 mixed at the start of the NY session

As the North American session begins, the NZD is the strongest while the JPY is the weakest. The USD is trading mixed to lower in early trading with gains vs the JPY and GBP, and lower vs the CAD, AUD, NZD and EUR and unchanged vs the CHF.  The US stocks are set to open lower. Netflix earnings will be released after the close and is the first of the FAANG stocks to report. The US yields are modestly lower.  Gold is little changed.  The cupboard is bare with regard to US releases. Canada’s HPI index will be released.

The USD is mixed at the start of the NY session

Looking at the ranges and changes, the dollar was lower earlier in the day, with buyers pushing the greenback lower in the London session.  The EURUSD moved above its 100 day MA earlier in the day (1.2055 area) but is trading back below that MA now. The GBPUSD moved from positive to negative after the the sharp move higher yesterday. The USDCAD moved above its 100 hour MA at 1.25189  and tested the 200 hour MA at 1.2539, but found sellers against that MA line. The pairs trades between the MAs at 1.2524.

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

  • Spot gold is down one dollar and $0.30 or -0.08% at $1770
  • spot silver up five cents or 0.19% at $25.87
  • WTI crude oil futures are up $0.22 or 0.35% at $63.65
  • Bitcoin is trading down $250 or -0.46% at $55,955

In the premarket for US stocks, the major indices are trading lower after yesterday’s declines

  • Dow -139 points. Yesterday the Dow fell -123 points
  • S&P down
  • Nasdaq is down 28 points after falling -137.57 points (-0.98%) yesterday

In the European equity markets, the major indices are trading down sharply with the German DAX down -0.9% in the France’s CAC down -1.4%

  • German DAX, -0.9%
  • Francie’s CAC, -1.4%
  • UK’s FTSE 100 -1.0%
  • Spain’s Ibex, -2%
  • Italy’s FTSE MIB, -1.6%

In the US debt market yields are modestly lower with the 10 year yield back below 1.60% at 1.594%. The 2-10 year spread narrowed by about 1 basis point vs the close yesterday. 

US yields are lower
The European debt market, the benchmark 10 year yields are mixed with the France’s 10 year up 8.4 basis points.  France yields remain positive at 0.097%.  German 10 year yield are down -0.7 basis points.  


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