The strongest to weakest of the major currencies

The markets are seeing a reversal in fortunes today. There is some short covering in stocks after the S&P index fell just short of bear market territory yesterday (-19.92% from the all time high, just short of -20% bear market territory area). The major US indices are still on track for a another weekly decline (6th in a row for the S&P and NASDAQ. The Dow is on week 7).

In the forex, the AUD is the strongest of the majors. The JPY has moved back lower after a sharp rise yesterday. IT is the weakest of the major currencies today.

US yields are higher. Crude oil is higher and trading above $108 today after trading at $98.20 earlier this week. Bitcoin is back above $30000 as traders breathe a sign of relief as tether survives the dip below the 1.00 level. Twitter deal with Musk seems to be on hold as Musk ponders the price given the recent sharp decline.

In other markets today the morning snapshot is showing:

  • spot gold is trading down $11.29 -0.62% at $1811. That is the lowest level since February 7
  • spot silver is down 7.5 cents or -0.34% $20.58. That takes it down to the lowest level since July 2020
  • WTI crude oil futures are up $2.05 or 1.93% at $108.18
  • Bitcoin is trading at $30,630 after trading with a $25,000 handle during yesterday's volatile price action

In the European equity markets, the major indices are also rebounding after yesterdays declines:

  • German DAX, +1.6%
  • France's CAC, +1.8%
  • UK's FTSE 100 +1.7%
  • Italy's FTSE MIB +1.4%
  • Spain's Ibex +1.2%

The US debt market, the yields have rebounded higher with the 10 year up to 2.893%. Yesterday the yield fell to as low as 2.815%

  • 2 year 2.586%, +6.6 basis points
  • 5 year 2.851%, +7.0 basis points
  • 10 year 2.896% +8.0 basis points
  • 30 year 3.054%, +8.3 basis points

In the European debt market, the benchmark 10 year yields are also trading higher:

European benchmark 10 year yields