The AUD is the strongest and the NZD is the weakest as the North American session begins. The USD is little changed/mixed with the largest declines vs the AUD and largest gains vs the NZD. The greenback is lower verse the CAD as well.
Stocks of rebounded overnight after yesterday's decline saw the major indices close near session lows. Netflix will report after the close
The gains have come despite the rises in yields today after yesterday's declines. WTI crude oil futures are down in early trading after the private survey data showed crude inventories showing a surprise build of 1.4 million barrels. The expectations were for a -1.4 million barrel drawdown.
In Europe, German producer prices rose
- +5.0% on the previous month
- +24.2% on the same month a year earlier
- +10.5% on an annual average in 2021 compared to 2020.
Gulp. Will the ECB start to change stance on policy?
US jobless claims will be released at the bottom of the hour, along with Philly manufacturing index. Later today the US existing home sales will be released along with the weekly oil inventory data.
In other markets, the morning snapshot shows:
- Spot gold is trading down $2.20 -0.12% at $1838.04
- Spot silver is unchanged at $24.13
- WTI crude oil is trading up $86.50 down -0.53%
- Bitcoin continues to trade above and below $42,000 today. The current price is trading at $41,950
In the premarket for US stocks, the major indices are trading modestly higher after yesterday's declines which saw the major indices close at/near session lows
- Dow industrial average is trading up 109.35 points after yesterday's -339.82 point decline
- S&P index up 15 points after yesterday's -44.33 point decline
- NASDAQ index up at 90 points after yesterday's -166.64 point decline
In the European equity markets, major indices are trading mixed
- German DAX, +0.2%
- France's CAC -0.2%
- UK's FTSE 100 unchanged
- Spain's Ibex +0.2%
- Italy's FTSE MIB +0.5%
US yields are modestly higher after yesterday's declines which saw the 10 and 30 year down over three basis points. The 10 year yield moved up to a high of 1.870% today. It reached a cycle high near 1.9% yesterday.
In Europe, the benchmark 10 year yields meanwhile are moving lower today.
