The USD is stronger
The JPY is the strongest and the CHF is the weakest as North American traders enter for the day. There is a flight to safety flow (or so it seems) is on as US stocks trade lower and yields start the NY session lower. However, the CHF is an anomaly as a result of weaker CPI data out of Switzerland today (the CHF is usually a safe haven). As a result it is getting hit. The USD is higher but with most of its gains versus the CHF and AUD. It has more modest gains against the CAD. It is down vs the JPY and near unchanged levels versus the EUR, GBP and NZD.
The snapshot of the ranges and changes shows the sharp rebouund in the GBPUSD as earlier weakness on the back of rumblings from the EU that the newest PM Johnson plan was dead in the water. The USDCHF is trading near it's highs as the declines from yesterday are reversed. The USDJPY is lower near its session lows as stocks are shaky for the 2nd day in a row. The AUDUSD rebounded into the close yesterday, after reaching a 10 year low yesterday, but is back down and retesting those decade lows.
In other markets:
- Spot gold is trading up $6.98 or 0.47% at $1486.14
- WTI crude oil futures are trading up $0.43 or 0.80% at is $4.06
In the premarket for US stocks, the futures are implying a higher opening
- The Dow Jones industrial average is down 127 points
- The S&P index is down -15.15 points
- NASDAQ is down -43.89 points
In the European market, major indices are sharply lower:
- German DAX, -1.37%
- France's CAC, -1.7%
- UK's FTSE, -2.3%
- Spain's Ibex, -1.4%
- Italy's FTSE MIB, -1.4%
In the US debt market yields are trading lower with 2 year down -4 basis points. The yield curve is getting steeper with the 2-10 spread up to 11.35 bps from 8.94 bps yesterday
A snapshot of the European yields show benchmark 10 year yields are also trending to the upside in trading today as investors flee both stocks and bonds in trading today
