The strongest to the weakest of the major currencies

The NZD is the strongest and the USD is the weakest as the NA session begins. It is the day after the stronger than expected US jobs report. If the Fed is data dependent, that was not a good start for the path of rates going forward. Over the weekend, Fed's Bowman said 75 BPs should be on the table. Fed's Daly said the Fed needs to be open minded and there are 2 more inflation reports and one more jobs report before the next Fed meeting. See you in September....

The inflation act in the US passed in the Senate over the weekend. It will be voted on in the House this week and is expected to be passed. The bill is to expand spending on healthcare and renewable energy, will create a minimum 15% corporate income tax and 1% levy on stock buybacks among other things.

The US stocks are higher in premarket trading. The Dow rose on Friday, while the S&P was little changed. The Nasdaq did decline but with today's gains, the major indices have erased all their losses from Friday now. We've got that bullish feeling for now at least.

In the US interest rate market, the yields are modestly lower today after the run up on Friday. Crude oil is down about -$1

A snapshot of the markets are showing:

  • spot gold is up $10.20 or 0.57% at $1784.10.
  • Spot silver is up $0.39 or 1.98% at $20.27.
  • Crude oil futures are trading at $87.93 that's down about $1 on the day
  • The price bitcoin is risen over the weekend and trades at $24,093. The Friday close was near $23,396

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

  • Dow industrial average is up 141 points after Friday's gain of 76.65 points
  • S&P index is trading up 22.25 points after Friday's -6.73 point decline
  • NASDAQ index is up 92 points after Friday's -63.03 point decline

In the European equity markets, the major indices are also trading higher after their morning session

  • German DAX, +0.87%
  • France's CAC +1.0%
  • UK's FTSE 100 +0.5%
  • Spain's Ibex +0.8%
  • Italy's FTSE MIB +0.5%

In the US debt market, the major indices are trading lower Friday's push to the upside after the stronger than expected jobs report:

US yields
US yields on the yield curve

In the European debt market, yields are also lower across the board:

European yields
European benchmark 10 year yields