The strongest to the weakest of the major currencies
As the North American session begins (banks are closed and so is the US bond market, but US stocks are higher), the CAD is the strongest and the AUD is the weakest. The USD is stronger with gains vs all the major currencies with the exception of the CAD. Tensions in Ukraine are intensified as a result of military response across the country for Ukrainian attacks including the bridge to Crimea over the weekend (which Ukraine does not take responsiblity).
Stocks in the US are modest lowerin the pre-market in the US. UK yields continue to rise as investors continue to shun their debt. The BOE did announce that they would replace the current emergency system by lending liquidity directly to the market rather than doing outright purchases. Fitch said a deeper UK recession is more likely. The GBPUSD is modestly lower.
It is the day after the better than expected US jobs report which will likely keep the Fed on track to raise 75 and 50 basis points into the year end. The NFP showed a gain of The 2023 is more up in the air. The Fed’s Evans, Brainard are expected to speak. ECBs Lane is also scheduled to speak.
In other markets:
- spot gold is trading down at $17.70 or -1.05% at $1675.80
- spot silver is trading down $0.30 -1.5% at $19.81
- WTI crude oil at $92.10 down -0.58%
- bitcoin is down $135 -0.71% at $19,324
in the premarket for US stocks, the major indices are modestly lower but off their lowest premarket levels. Major indices are working on a 3 day losing streak
- Dow industrial average is down -24 points after Friday’s -630 point plunge
- S&P index is down -8 points after Friday’s -104.86 point decline
- NASDAQ futures are implying a -36 point decline after Friday’s -420.91 point fall
In the European equity markets, the major indices are mixed with the German DAX up. Other indices are lower:
- German DAX +0.8%
- France’s CAC unchanged
- UK’s FTSE 100 -0.2%
- Spain’s Ibex -0.3%
- Italy’s FTSE MIB +0.1%
The European debt market,, the benchmark 10 year UK yields are up sharply:
EU benchmark 10 year yields
