Yields up, sends flows out of the Nasdaq stocks and into the USD
The US yields moved higher and that has led to higher dollar, lower stocks, gold lower. The USDJPY has cracked 110 for the first time since March 2020. The EURUSD moved to the lowest level since November 4. The USDCHF took out the March high and is at its highest level since July 2020. Drude oil traders are trading up and down as the OPEC+ meeting approaches on Wednesday with the Saudi Arabia expected to continue to lobby for production cuts to be extended to June. The high reached $62.27. The low extended to $60.20.
The ranges show how the USD is trading near highs vs the major currencies in the morning snapshot. The USDJPY is leading the charge with a gain of 54 pips with a total trading range of 64 pips for the day. The JPY crosses are higher but off the highs as the likes of the AUDUSD and NZDUSD being down, has influenced those crosses (risk off).
In other markets:
- Gold down-$23 or -1.35% at $1689
- Silver is down -$0.38 or -1.52% at $24.27
- WTI is trading down -$1.00 at $60.56
- Bitcoin is up $1905 or 3.34% at $59148
In the pre-market for US stocks, the major indice futures are implying a lower opening with the Nasdaq hit the hardest.
- Dow, -20.37 points after the gain of 98.49 points yesterday
- S&P down -10 points after the -3.45 point decline yesterday
- Nasdaq down -90 points after the -79 point decline yesterday
In the European stock market:
- German Dax, +0.70%
- France's CAC, +0.51%
- UK FTSE +0.12%
- Spain's Ibex, +0.61%
- Italy's FTSE MIB +0.30%
In the US debt market, the US yields are higher across the board
In Europe, the benchmark 10 year yields are also higher by 4-6 basis points.
