The strongest to the weakest of the major currencies

As the North American session begins the USD is the strongest and the GBP is the weakest. U inflation data this week was weaker than expectations, but the threats to economies outside the US are weighing back on their currencies today.

The EURUSD has moved back into the old top extreme area down to 1.0277. Moving back below that level should lead to further selling as the pair moves back into the confined trading range that confined the range for 18 or so days before the break higher this week. The GBPUSD has moved back below its converged 100/200 hour MAs at 1.21446 after the high for the week stalled ahead of the high from last week despite the weaker US inflation. Concerns about the economy in the UK and EU are weighing on their currencies. The Rhine river is expected to move below a key threshold level needed for navigating. That should put additional pressures on other means of transportion for goods going forward, and increased inflationary cost pressure with it.

A look at other markets shows:

  • Spot gold is down $-3 and and $0.09 -0.17% at $1786.12
  • Spot silver is up $0.01 or 0.05% $20.32
  • WTI crude oil is trading down $1.34 at $93
  • The price bitcoin traded down around $200 at $23,677

In the premarket for US stocks, the major indices are higher in premarket trading after yesterdays mixed results

  • Dow industrial average is up 122.33 points after yesterdays 27.16 point rise
  • S&P index is trading up 17.25 points after yesterdays -2.95 point decline
  • NASDAQ index is up 59 points after yesterdays -74.89 point decline

In the European equity markets, the major indices are trading higher

  • German DAX, +0.5%
  • France's CAC, + 0.2%
  • UK's FTSE 100, +0.35%
  • Spain's Ibex, +0.35%
  • Italy's FTSE MIB +0.53%

In the US debt market, yields are modestly lower after the longer end saw yields move higher yesterday:

US yields
US yields are lower

In the euro, the benchmark 10 year yields are higher with the exception of the UK:

Europe 10 year yields
Europe 10 year yields are higher