As the North American session begins the GBP is the strongest and the CHF is the weakest. The USD is weaker with declines vs. all the major currencies with the exception of the CHF as the market cheers that increasing expectation that the Fed only raises rates by 75 basis points at the July 27 meeting next week. US stocks are higher, but all is not well in mudville. The price of oil is .
Oil is higher is higher again the trading day after the Biden meeting with Saudi Arabia. US yields are higher as well. In Europe,the heat wave continues with temperatures in London expected to top 100F and 40C this week. Paris at 106F/41C and Rome 100F/39C are also expecting scorching temperatures which is sapping energy and increasing costs at the same time. Nevertheless, European shares are higher.
In other markets:
- Spot gold is trading up $7.64 or 0.45% at $1714.30
- Spot silver is up $0.15 or 0.1% at $18.84
- WTI crude oil is trading at $99.84 trading size $100.55
- The price of bitcoin is following the risk sentiment with the price trading at $22,971 up $939 or 4.47%
The premarket for US stocks, the major indices are trading higher:
- Dow industrial average of 250 fluids after Friday's 658.08 point rise
- S&P index up 26 points after Friday's 72.8 point rise
- NASDAQ index up 100 points after Friday's 201.24 rise
In the European equity markets, the major indices are trading higher:
- German DAX, +0.76%
- France's CAC, +02%
- UK FTSE 100 +0.91%
- Spain's Ibex unchanged
- Italy's FTSE MIB up 1.0%
