Major indices close lower last week. The week is getting off to a better start
Last week, the European indices all closed lower for the week. Today however, the indices are getting off to a better start. All the major indices are higher. The provisional closes are showing:
- German DAX, +2.4%
- France's CAC, +2.3%
- UK's FTSE 100, +1.7%
- Spain's Ibex, +1.96%
- Italy's FTSE MIB, +2.1%
In the European debt market, the benchmark 10 year yields are ending mostly higher with Spain up 2.3 basis points leading the way. Italian yields are near unchanged at -0.1 basis point.
In the forex market, the USD has moved higher and trades more mixed. At the start of the session the US dollar was the weakest of the major currencies. The greenback is now higher vs. the GBP, JPY, CAD and NZD. It is now only lower vs the AUD, CHF and EUR (it was lower vs all the currencies at the North American open).
The strongest of the majors remains the AUD. The weakest is now the CAD. The USDCAD is currently breaking above its 200 hour moving average at 1.32056. On Friday, the price also moved above that level only to fail. The price currently trades at 1.3216 with the next upside target being the 38.2% retracement of the move down from the August 7 high at 1.32337. Last week's high reached 1.32438.
A snapshot of the US stock market as London/European traders look to exit shows:
- S&P index up 24.45 points or 0.72% at 3421.57. The high price reached 3426.99 while the low extended to 3413.13
- NASDAQ index has moved negative on the day in the morning session after opening over 1%. It is currently trading up 52 points or 0.47% at 11364.30 in volatile trading
- The Dow has taken the lead with a 0.98% gain to 28201.37.
