As the North American session begins, the CHF is the strongest and the NZD is the weakest. The USD is mixed.
TGIF. Although there are some economic releases in the US session today, the biggies are over with CPI and PPI higher than expected this week, retail sales were weaker. The weekly initial and continuing claims showed surprising strength. Yields have moved higher this week with the 10-year up 20.2 basis points, while the 2 year is up 23 basis points.
In the US equity market this week, the major indices are holding onto gains for the week::
- Dow is up 0.47%
- S&P is up 0.52%
- Nasdaq is up 0.27%.
The gains in the broader tock indices come despite 4 of the last 5 days being lower (and 3 of 4 this week). The gains from Tuesday are saving the day for the indices.
Bitcoin is sharply lower in volatile trading as traders took profits following its run torecord highs today. Higher US inflation is being blamed for the retreat to the downside (but it is just more sellers than buyers). The digital currency fell to a low at $65,559.00, after reaching a new peak of $72,415. For the week, the price is now down -$3612.
A snapshot of the markets as the North American session begins currently shows:
- Crude oil is trading down $0.45 or -0.55% at $80.81. At this time yesterday, the price was at $80.73
- Gold is trading up $5.44 or 0.25% at $2167.05. At this time yesterday, the price was at $2169
- Silver is trading up $0.39 or 1.60% at $25.19. At this time yesterday, the price was at $24.98
- Bitcoin currently trades at $67,782. The price reached a new all-time high at $73,794. At this time yesterday, the price was trading at $72,900. The trading range today has been huge with the height reaching $72,415 and the low at $65,560
In the premarket, the major indices are trading higher. Yesterday the S&P and NASDAQ index fell for the fourth day in five.
- Dow Industrial Average futures are implying a gain of 61.34. Yesterday, the index fell -137.66.4 -0.35% at 38905.67
- S&P futures are implying a gain of 8.79 points. Yesterday, the index fell -14.83 points or -0.29% at 5150.47
- Nasdaq futures are implying a gain of 8.10 points. Yesterday, the index fell -49.24 points or -0.30% at 16128.53
In the European equity markets, the major indices are trading mostly higher.
- German DAX, +0.46%
- France CAC , 0.56%
- UK FTSE 100, 0.17%
- Spain's Ibex, 1.30%
- Italy's FTSE MIB, 0.74% (delayed by 10 minutes).
Shares in the Asian Pacific markets were mixed:
- Japan's Nikkei 225, -0.26%
- China's Shanghai Composite Index, +0.54%
- Hong Kong's Hang Seng index, -1.42%
- Australia S&P/ASX index, -0.56%
Looking at the US debt market, yields are mixed with the longer in up marginally and the shorter end lower
- 2-year yield 4.704%, +1.3 basis points. At this time yesterday, the yield was at 4.630%
- 5-year yield 4.293% unchanged. At this time yesterday, the yield was at 4.195%
- 10-year yield 4.282% -1.6 basis points. At this time yesterday, the yield was at 4.195%
- 30-year yield 4.409% -3.3 basis points. At this time yesterday, the yield was at 4.352%
- The 2-10 year spread is at -42.5 basis points. At this time yesterday, the spread was at -43.6 basis points
- The 2-30 year spread is at -29.4 basis points. At this time yesterday, the spread was at -27.7 basis points
European benchmark 10-year yields are mixed:
