The strongest to the weakest of the major currencies
The CAD is the strongest and the NZD is the weakest as North American traders enter for the day. The USD is mixed/little changed as traders ponder the next moves as central banks get in sync and tumbling stocks add to the tightening bias. The USD is also awaiting the CPI data tomorrow which is expected to show a dip, but remain elevated.
US stocks are higher today. Yields are lower with the 10 year back below the 3.0% level. Oil prices are lower after yesterdays a sharp fall. Last week the price of oil reached $111.37. Today the low price reached $100.44. Natural gas getting hit again after trading as high as $9.02 on Friday. It traded as low as a $6.75 today. Bitcoin is rebounding today after the 5 day plunge which so the price moved from $40,050 on May 4 to a low price yesterday of $30,015 a 25% decline.
Fed speak today includes:
New York Fed Pres. Williams
Atlanta Fed Pres. Bostic
Fed Governor Waller
Minneapoli Fed Pres. Kashkari
Cleveland Fed Pres. Mester
Treasury Secretary Yellen is scheduled to testify on the financial stability oversight Council’s 2021 report before the Senate banking committee.
A look at other markets currently shows:
spot gold spot gold is trading up $3.82 or 0.21% $1857.85
spot silver is up $0.03 or 0.09% at $21.79
WTI crude oil is up $0.65 at $102.49
The price bitcoin is up $1100 or 3.33% $31,701
In the premarket for US stocks, the major indice futures are implying a higher opening after yesterdays fall which saw the NASDAQ shed another 4.29%:
Dow industrial average is up 234 points after yesterdays -653.67 point decline
S&P index is up 39.5 points after yesterdays -132.12 point decline
NASDAQ index is up 200 points after yesterdays -521.41 point decline
In the European equity markets, the major indices are also rebounding:
German DAX, +1.5%
France’s CAC, +1%
UK’s FTSE 100 +0.7%
Spain’s Ibex +1%
Italy’s FTSE MIB +1.5%
In the US debt market, the yields are lower:
2 year 2.591%, -2.8 basis points. The 2 year yield is down from a high of 2.844% last week
5 year 2.901%, -8.2 basis points. The 5 year yield is down from a high of 3.1079% yesterday
10 year 2.988%, -9.0 basis points. The 10 year yield reached a high of 3.203% yesterday
30 year 3.123%, -8.5 basis points. The 30 year yield is down from a high of 3.309% yesterday.
In the European debt market, the benchmark yields are also down sharply
European yields are sharply lower