The strongest to weakest of the major currencies

The CHF is the strongest and the JPY is the weakest as the NA session begins. The USD is mixed. The weekend is seeing a buyer for SVBs mortgage portfolio. First Citizen Bancshare of NC bought the California institution. The purchase of the mortgage portfolio left about a $20B estimated hit for the FDIC as it unwinds the other assets on the books of the bank . It could have been worse. The KRE regional bank index is higher at $44.96 up from 43.52. First Republic is trading at $15.74 after closing at $12.36. US yields are up helped by the risk off sentiment. US stocks and European stocks are rebounding. Morgan Stanley's Mike Wilson, a recent bear, is saying the earnings guidance is looking more unrealistic and sees another flush lower but is also seeing signs of the beginning of the end. So a little bit of everything for everyone I guess.

After a couple weeks of key data with jobs, CPI, Fed, BOE, banking failures, dominating the headlines, things die down this week. The core PCE in the US is released on Friday. German preliminary CPI will be released mid-week. Australian CPI will also be released (on Wednesday in Australia).

A snapshot of other markets show:

  • Spot gold is trading down $24.60 or -1.24% at $1952.20
  • Spot silver is down $0.22 or -0.96% at $22.98
  • WTI crude oil is trading back above $70 and $70.25. It closed on Friday at $69.26.
  • Bitcoin is is trading at $27,925. Last Friday, the price reached a cycle hive $29,380 before rotating down into the weekend.

In the premarket for US stocks, the major indices are trading higher:

  • Dow industrial average trading up 208.47 points after rising 132.28 points on Friday
  • S&P index is up 25.51 points after rising by 22.27 points on Friday
  • NASDAQ index is up 51 points after Friday's 36.56 point rise

in the European equity markets, the major indices are also moving higher:

  • German DAX +1.3%
  • Frances CAC +1.08%
  • UK's FTSE 100 +0.93%
  • Spain's Ibex +1.23%

in the US debt market, yields are sharply higher after Friday's sharp declines:

  • 2 year yield 3.950% +17.4 basis points
  • 5 year 3.542% +13.5 basis points
  • 10 year 3.467% +9.2 basis points
  • 30 year 3.705% +6.3 basis points

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

European benchmark 10 year yields