The USD is lower.
The CHF is the strongest and the JPY is the weakest as the NA traders enter for the day. The USD is also lower (only behind the JPY) for the 2nd or third day (depending on the currency) in a row after the sharp move higher for most of September. The Washington fighting continues with key Dem Senators Manchin and Sinema saying that they would continue to not support the $3.5 trillion social safety net and energy transition bill. As a result, the more extreme Democratic party members have started to backpedal a bit on their demands and seem willing to move toward a compromise. OPEC+ meets with expectations of no change in the production increases (400K bpd increases to continue in November). US stocks are lower. Bond yields are higher.
In other markets:
- Spot gold is trading down $8.28 -0.47% at $1752.29
- Spot silver is down $0.16 -0.72% at $22.34
- WTI crude oil futures are down five cents at $75.86
- The price of bitcoin is trading at $47,663.26
In the US stock market, the premarket futures are taking back some of the gains from Friday with the Nasdaq underperforming
- Dow is down -124 points after the 482.54 point gain on Friday
- S&P index is trading down -20 points after Friday's 49.52 point gain
- NASDAQ index is trading down 95 points after Friday's 118.12 point gain
In the European equity markets, the major indices are also trading lower:
- German DAX -0.3%
- France's CAC -0.25%
- UK's FTSE 100 -0.1%
- Spain's Ibex unchanged
- Italy's FTSE MIB -0.2%
In the US debt market, the yields are moving back to the upside after Friday's declines. The benchmark 10 year yield fell around -5.8 basis points on Friday. Today the issue is up 2.1 basis points. The five year yield is trading at 0.9457%. Just below the 1.0% level.
European debt market, the benchmark 10 year yields are also higher with Italy up 2.3 basis points. The other major countries are up less than one basis point:
