As the North American session begins, the CAD is the strongest and the CHF is the weakest. The USD is mixed with gains vs the EUR and CHF and declines vs the CAD and NZD. The greenback is modestly lower vs the GBP, JPY and AUD.
In Europe this morning the EURUSD moved to yet another 20 year low fallig to a low of 0.99013. PMI flash data was mixed vs expectations but numbers are at/near post pandemic shut down lows and for some of the measures below the 50 level indicative of growth or contraction from survey respondents. The high in the EURUSD stayed below the old low going back to July 14 near 0.99515 (high reached 0.9949). The US flash PMI's will be released later this morning with expectations 49.8 and 51.8 for manufacturing and services respectively (vs 47.3 and 52.2 last month).
US yields are little changed. US stocks are modestly higher after the tumble lower. Oil is higher. Natural gas is trading a little higher as well. Saudi minister threatens a supply cut. The Iran deal is still being awaited.
A snapshot of the markets shows:
- Spot gold is trading up $0.78 or 0.05% at $1736.78
- Spot silver is trading down three cents in my 0.21% $18.96
- WTI crude oil is trading up $1.30 at $91.47
- The price bitcoin is trading of $21,468 after trading as low as $20,890 and at a high at $21,547
Looking at the premarket for US stocks, the major indices are marginally higher after sharp declines yesterday for the second consecutive day:
- Dow industrial average is up 32.39 points after yesterday's -643.13 point decline
- S&P index is up seven points after yesterday's -90.49 point:
- NASDAQ index is up 33 points after yesterday's -323.64 point decline
In the European equity markets, the major indices are trading mostly lower:
- German DAX, unchanged
- France's CAC, -0.3%
- UK's FTSE 100 wanted 0.77%
- Spain's Ibex -0.62%
- Italy's FTSE MIB +0.67%
In the US debt market, yields are marginally higher mostly the shorter end:
- two year yield 3.333%, +1.7 basis points
- five year yield 3.172%, +1.3 basis points
- 10 year 3.024% +0.6 basis points
- 30 year 3.22%, -0.7 basis points
In the European debt market, the benchmark 10 year yields are higher:
