The USD is lower
As the North American session begins, the NZD is the strongest and the JPY is the weakest.
The New Zealand inflation report QoQ rose to 2.96% from 2.27% last quarter and pushed the NZD to the tops of the table (strongest currency). The JPY and the USD are lower on modest risk on flows.
The weekly jobless claims (estimate 260K) will be released at 8:30 AM with expectations of a new low level since the pandemic. The Philly Fed manufacturing index for November will also be released at 8:30 AM ET. Later at 10 AM, the conference Board leading index is expected to rise by 0.8%.
A number of Fed members are expected to speak with Bostic, Williams, Evans, Daly on the schedule.
US stocks are higher in premarket trading. Nvidia earnings impressed while Cisco disappointed after the close yesterday. The major indices all moved lower yesterday.
US yields are marginally lower. Spot gold is little changed. Crude oil is lower after China that they have been looking at the possibility of a coordinated strategic petroleum reserve release.
In other markets as the US traders enter for the day shows:
- Spot gold is little change that $-1.27 or -0.05% at $1866.08
- Spot silver is down to censor -0.1% at $25.04
- Crude oil is trading trading at $77.97. That's down -0.5%. Yesterday crude oil fell sharply on chatter of a US SPR release.
- Bitcoin is trading above and below the $60,000 level. It is currently trading at $59,128. Concerns about regulation have been weighing on the digital currency
In the premarket for US stocks, the futures are currently implying a higher opening with the NASDAQ index leading the way:
- Dow industrial average +27 points after yesterday's -211.17 point decline
- S&P index is up 12 points. Yesterday the index declined by -12.23 points
- NASDAQ index is up 89 points after you
as -52.28 point decline
In the European equity markets, the major indices are mixed.
- German DAX, unchanged
- France's CAC, +0.1 percent
- UK's FTSE 100 -0.2%
- Spain's Ibex, -0.1%
- Italy's FTSE MIB, -0.2%
In the US debt market, the yields along the yield curve are modestly lower. This follows declines from yesterday after earlier gains were erased:
In the European debt market, the benchmark 10 year yields are lower across the board