The strongest to weakest of the major currencies
As the North American session begins, the USD is the strongest and the NZD is the weakest. The USD has moved lower after seeing solid declines yesterday. The EURUSD moved above its 200 hour moving yesterday for the 1st time since September 20, but is now moving below that key moving average ahead of the PCE data at 8:30 AM ET.
The GBP was the strongest of the major currencies yesterday, but it too is seeing a rotation back to the downside today. The GBPUSD- like the EURUSD – moved above its 200 hour moving average for the 1st time since September 14 and corrected 61.8% of the move down from the September 13 high at 1.1208, but has rotated back to the downside and currently is retesting its 200 hour moving average 1.0159.
Overnight as expected Russia’s announced that they were in annexing 4 regions of Ukraine (under duress).. It is the largest landgrab in decades.
US stocks are marginally higher but well off their premarket high levels. The Dow was up as high as 200 points in premarket trading but is currently up around 50 points. Micron announced earnings after the close and sharply lower their expectations going forward. Nike also announced with decent numbers but impacts from currency were large. US international global companies are experiencing large headwinds from the US dollars sharp advance. In addition to the monthly PCE price data today, there will be a number of Fed speeches including Vice chair Brainard, New York Fed Pres. Williams, Richmond Fed Pres. Barkin and once again Cleveland Fed Pres. Mester (who spoke a number times yesterday).
EU inflation today hit 10% after German reported the same number yesterday.
Crude oil is trading at $80.92 that’s down -him $0.33 on the day in a near its lows for the day after trading as high as $82.54. OPEC meets on October 5 and is expected to decrease production
Looking at the other market, the morning snapshot is showing:
- spot gold is trading up $3.14 or 0.19% at $1664.20 $1.98 or 0.11% at $1662.81
- spot silver is trading up up $0.12 or 0.65% at $18.92
- WTI crude oil is trading at $80.92 which is down $-0.33 on the day
- bitcoin is up $88 or 0.45% at $19,481
in the premarket for US stocks, the major indices are higher but off earlier premarket levels. Yesterday the major indices fell sharply:
- Dow industrial average is up 47 points. Yesterday the index fell by -458.13 points
- S&P index is up 10.78 points points after yesterdays -78.57 point decline
- NASDAQ index is up 33 points points after yesterdays -314.13 point decline
in the European equity markets the snapshot of the market is showing major indices near the lows after giving up earlier gains:
- German DAX +0.04%
- France’s CAC +0.37%
- UK’s FTSE 100 unchanged
- Spain’s Ibex +0.32%
- Italy’s FTSE MIB +0.5%
In the US debt market, the yields are lower:
US yields are lower
In the European equity markets, the benchmark 10 year yields are also lower:
European benchmark 10 year yields