Initial claims, Philly Fed and Leading index all set to be released

The AUD is the strongest and the USD is the weakest as North American trading gets underway. The fireworks from yesterday have abated but just a bit in the crypto markets. Bitcoin is up $2000 and back above the 200 day MA and $40000 level. Ethereum is now up $232 at $2758, but that is after a dip to $2160 in overnight trading. Today, the weekly claims data will be released (it is the week of the BLS employment survey so has a bit more importance), along with the Philly Fed index (both at the bottom of the hour). Claims were the lowest since the start of the pandemic last week at 473K and is expected to go lower this week at 450K est (still above the pre-pandemic levels near 250K).

Looking at the ranges and changes, the trend is pretty steady with relatively narrow movement. The best performers relative to their 20 today averages are the USDJPY and the USDCHF with ranges of 44 and 46 pips respectively. The GBPUSD only has a range of 40 pips vs an average of around 90 pips. The EURUSD high to low range is only 36 pips vs an average of 68 pips. There is room to roam if those pairs can figure out where they want to go (the GBPUSD has ben trading mostly between its 100/200 hour MAs today).

The ranges and changes for the major currency pairs

In other markets:

  • Spot gold is trading near unchanged at $-0.50 or -0.03% at $1869.06.
  • Spot silver is up 2.8 cents or 0.10% $27.76.
  • WTI crude oil futures are down $0.92 or -1.45% $62.44
  • Bitcoin is trading up $3000 or 8.6% at $41,518

The major US indices are working on their fourth consecutive day to the downside (and 7 of 9 days). However, each of them rose sharply off of their lows yesterday and close near their highs for the day

  • S&P is down -5.93 points after a -11.04 point decline yesterday. That was better than the low which dipped as far as -66.86 points
  • Dow Jones is down -104 point. Yesterday the index fell -164.62 points. The low was down as deep as -586.86 points
  • NASDAQ is down -1.41 points. Yesterday it roared back and closed near the highs and -3.9 points. It had been down -231.41 point at the lows

In the European equity markets, the major indices are trading higher with the exception of Spain:

  • German DAX, +0.8%
  • France's CAC, +0.7%
  • UK's FTSE 100, +0.3%
  • Spain's Ibex, -0.2%
  • Italy's FTSE MIB, +0.4%

In the US debt market, the yields are lower with the 5 year yield down the most that -1.3 basis points:

US yields are lower

In the European debt market, the benchmark 10 year yields are mixed with Germany up 1.7 basis points. It'll yields are down -2.0 basis points:

European yields are mixed