The strongest to the weakest of the major currency pairs

The CHF is the strongest and the GBP is the weakest as the North American session begins. The inflation data is done for the week with the CPI worse and the PPI about as expected. However, there is a data dump today with 8:30 releases including retail sales, weekly claims, Philly Fed Manufacturing, Empire manufacturing, import and export prices. Later capacity utilization/industrial production and Business inventories will be released (at 9:15 and 10 AM respectively). Looking to tomorrow the Michigan sentiment will be released Next week the Fed will meet with expectation of 75 basis point hike as they move to more restrictive policy in an effort to stamp out inflation.

In other news, geopolitical risk is high as Xi and Putin meet in Kazakhstan. China is supporting Russian oil sales, but so far has not been a weapons supplier to their land advance in Ukraine. China has the same land advance dreams in Taiwan.

The "Merge" was completed for ethereum which is intended to vastly reduce the energy consumption. Ethereum is still down on the day by about -1%.

A rail strike was averted as parties came to a tentative agreement before the Friday deadline. Amtrak was to shut down service today, but it seems that may have been averted (or perhaps will only be a one day aversion).

Stocks are little changed trading above and below unchanged in premarket trading. US yields are higher. Oil is lower

Looking at the market prices:

In the premarket for US stocks:

In the European equity markets, the major indices are trading mixed:

  • German DAX, -0.1%
  • France CAC -0.4%
  • UK's FTSE 100 +0.3%
  • Spain's Ibex +0.7%
  • Italy's FTSE MIB +0.3%

In the US debt market, yields are higher across the board:

US yields
US yields are higher

in the European debt market, benchmark 10 year yields are also moving to the upside in trading today:

European benchmark 10 year yields
European benchmark 10 year yields are higher