European stocks end the day higher.
Who would have thought the higher US CPI would have sent the USD lower, but as London traders head for the exit, the USD has taken over as the weakest currency of the day. The NZD remains the strongest. Of course retail sales were not so great and there was a technical bullish reversal in many of the currency pairs that has helped the dollar head lower....quickly.
That is the snapshot, but the price action has been anything but steady today. The higher than expected US CPI sent the greenback sharply higher at first. However, there was a violent swing to the downside and all the gains (and then some) were reversed. The fall has slowed, but the dollar remains close to the low levels vs the major currency pairs.
In other markets at the end of the London session, European stocks are ending with gains:
- German DAX up 1.17%
- France's CAC rose 1.10%
- UK's FTSE rose 0.64%
- Spain's Ibex rose 0.37%
- Italy's FTSE MIB rose 1.81%
- Portugal's PSI 20 rose 1.03%
In the 10 year that sector in Europe:
- Germany 0.757%, up 0.7 basis points
- France 0.995%, unchanged
- UK 1.640%, up 2.2 basis points
- Spain 1.514%, down -1.0 basis points
- Italy 2.065%, down -2.0 basis points
- Portugal 2.079%, down -5.7 basis points
In the US markets US stocks are higher after earlier declines:
- S&P index is up 10.65 points or 0.40% at 2673.61
- NASDAQ indexes up 59.3 points or 0.85% at 7072
- Dow industrial average is up 2 points or 0.01%
US yields are up strongly across the board:
- two-year 2.155%, up 5.1 basis points
- five-year 2.616%, up 7.4 basis points
- 10 year 2.8876%, up 5.8 basis points
- 30 year 3.153%, up 4.2 basis points
Spot gold is up $18 on the dollar weakness.
WTI crude oil futures are up $0.25 or +0.40% at $59.45