The USD is mixed to start the North American session.
The AUD is the strongest and the GBP is the weakest as the North American session begins. The USD is trading mixed with the largest gain verse the GBP (the inflation data was a touch weaker than expectations today), and more modest gains verse the CHF, JPY and EUR. The greenback is lower verse the commodity currencies including the AUD and CAD, but the declines are marginal. The Biden administration is looking more toward $2 trillion versus $3.5 trillion for their spending package. US stocks are trading marginally lower. US yields are mixed. The private crude oil inventory data yesterday showed a surprisingly large rise in US crude stocks of 3.29 million barrels. The weekly DOE data will be released at 10:30 AM ET today. Netflix be on earnings-per-share but revenues were as expected. The price after the release initially moved higher but came down after North American subscriptions were just marginally higher despite the "Squid Games" success and investors disappointed with the revenue numbers (the stock is down about $9.80 in premarket trading). Tesla ($864 versus an all-time high of $900) and IBM report today after the close.
In other markets as the North American trading day gets underway his showing:
- Spot gold is trading up $12.33 or 0.7% at $1781.06
- Spot silver is up $0.34 or 1.46% at $23.97
- WTI crude oil futures are trading down $0.82 from -1% at $81.60
- the price of bitcoin is trading down three and $53 and $63,883. The high for the day at $64,382.25 came in just short of the all-time record of $64,895.
In the premarket for US stocks, the major indices are now trading mixed but little changed after yesterday's moves higher. The S&P and NASDAQ indices are up for five consecutive days:
- Dow industrial average -21.31 points after yesterday's 198.7 point rise
- S&P index -1.38 points after yesterday's 33.17 point rise
- NASDAQ index +5.25 points after yesterday's 107.28 point rise
in the European equity markets, the major indices are mixed/little changed
- German DAX unchanged
- France's CAC -0.1%
- UK's FTSE 100 unchanged
- Spain's Ibex +0.2%
- Italy's FTSE MIB +0.3%
In the US debt market, the yields are mixed with modest rises at the longer end and modest declines in the short end.
In the European debt market, the benchmark 10 year yields are lower at -4.0 basis points.
