The GBP is the strongest and the USD is the weakest as the North American session begins. The US Producer price index data will be released at 8:30 AM (along with Empire manufacturing data) with the expectations of 0.4% for the headline and 0.3% for the core measure. Canada will have manufacturing sales released. Fedspeak today will include FOMC members Cook and Barr (at 9 AM and 10 AM). The EURUSD moved up to test its 100 day moving average at 1.04284, but backed off and currently trades at 1.0405. The price of the EURUSD has not closed above its 200 day moving average since June 16, 2021. The USDJPY is back lower after retesting its broken 100 day MA yesterday and finding risk focused sellers. Staying below the 100 day MA kept the sellers in firm control.
In China today, they had a weaker than expected data dump with retail sales, and industrial production disappointing. German ZEW improved to -36.7 vs -59.2 (and -50.9 est) (its in the right direction I guess).
US stocks are higher erasing the losses from yesterday's late selloff. US yields are lower as well. Crude oil is near unchanged after a sharp $-3 change yesterday.
In other markets:
- Spot gold is up $4.43 or 0.25% at $1775.80
- Spot silver down $0.07 or -0.31% to $21.90
- WTI crude oil is trading at $85.12 that's down $0.75 from the settlement price yesterday
- bitcoin is trading at $16,823 Bitcoin. The overnight low reached $16,511, while the overnight high extended to $16,959.
The premarket for US stocks has of the major indices moving higher and erasing the declines from yesterday's trade:
- Dow industrial average +210 points after yesterdays -211.16 point decline
- S&P index +42 points after yesterdays -35.66 point decline
- NASDAQ index is up 183 points after yesterdays -127.11 point decline
in the European equity markets, the major indices are mixed:
- German DAX, +0.07%
- France's CAC, +0.53%
- UK's FTSE 100 -0.05%
- Spain's Ibex -0.28%
- Italy's FTSE MIB unchanged
