The USD is higher

The JPY is the strongest and the NZD is the weakest as the North American trading begins. The USD is mostly higher with only a marginal decline vs the JPY and unchanged vs the CHF. Initial jobs claims, Philly Fed manufacturing index, leading indicators and existing home sales will be released today. The initial jobs claims last week fell below 300,000 for the first time since the start of the pandemic. US stocks are trading lower after the Dow industrial average reached a intraday all-time record yesterday. The S&P index traded high for the six consecutive day yesterday but is down in premarket trading. European shares are also trading down. Tesla announced earnings after the close yesterday although they be expectations, valuation may start to weigh on the stock after the fact. The stock is trading down -1.45% in premarket trading. US yields across all maturities are higher with the 10 year yield trading at 1.678% up 4.3 basis points. Evergrande is making its way back in the news as the grace period for its default expires at the end of Friday. The Chinese developer failed to complete a sale of the moneymaking asset that jeopardizes its short-term debt payments.

The USD is higher

In other markets as US trading gets underway:

  • Spot gold is trading near unchanged at $1780.55
  • spot silver is trading down $0.17 or -0.7% at $24.08.
  • WTI crude oil futures are trading down $0.60 or -0.71% $82.86
  • The price of bitcoin is also lower by $-1400 or -2.14% at $64,579 after reaching a new record yesterday

In the premarket for US stocks, the major indices are lower after yesterday's mixed results which saw the NASDAQ moved down marginally while the Dow and S&P closed higher. The S&P is on a six day winning streak. The NASDAQ snapped a five day winning streak. The Dow has risen two days in a row. The futures are implying:

  • Dow -96 points after yesterday's 152 point gain
  • S&P index -11.5 points after yesterday's 16.56 point rise
  • NASDAQ index -55 points after yesterday's -7.41 point decline

In the European equity markets, the major indices are lower in the morning trading:

  • German Dax -0.1%
  • France's CAC -0.4%
  • UK's FTSE 100 -0.5%
  • Spain's ibex -0.7%
  • Italy's FTSE MIB -0.2%

In the US debt market, the yields are higher across the maturity spectrum:

US yields are higher

In the European debt market, the major indices also higher.

European yields are higher