- US indices close lower on the day. No new records today.
- Bitcoin trades above $90,000 for the first time. It broke the $80,000 level on Monday
- US CPI to be released tomorrow at 8:30 AM. Expectations are for 0.2% MoM
- It's not a pretty picture in China
- Fed's Kashkari: The fundamentals seems strong and I'm optimistic that will continue
- BofA: Life don't come easy for CHF: What's the trade?
- US 10 year yield looks to close at the highest level since July 1
- Major European indices are closing sharply lower
- John Paulson drops out of the running for Treasury Secretary
- New York Fed: 1-year inflation expectations 2.9% versus 3.0% last month
- Fed's Barkin: Fed in position to respond appropriately regardless of how economy evolves
- Fed's Waller: Makes no comments on economy or monetary policy outlook
- And they are off. US stocks are marginally higher in the early trading
- LiteFinance Becomes the Official Trading Partner of Leicester City Football Club
- Kickstart the FX day. A look at the EURUSD, USDJPY and GBPUSD from a technical perspective
- Canada Sept building permits +11.5% vs +1.7% expected
- Forexlive European FX news wrap: Not much action as we await the US CPI release tomorrow
Markets:
- Bitcoin trades to $90,000 for the first time, two days after passing $80,000. The high reached $90,243
- WTI crude trades down $0.07 at $67.97
- 2 year yield 4.338%, up 8.4 basis points. 10 year yield 4.421%, +11.4 basis points.
- Gold down -$20.78 or -0.79% at $2598.58. Lowest level since September 20
- S&P 500 -17.36 points or -0.29% at 5983.99.
- Nasdaq index down -17.36 points or -0.09% at 19,281.40. Both the Nasdaq and the S&P closed by the exact same point amount....
- Russell 2000 tumbled -43.13 points or -1.77% at 2391.84
In the US the NY Fed Survey showed inflation expectations moving lower with the one year inflation at 2.9% vs 3.0% estimate. That is the lowest in 4 years. The 3 and five years measures also declined with the 3 year down to 2.5% from 2.7%, and the 5 year down to 2.8% from 2.9%.
In Canada building permits soared by 11.5% after -6.3% decline last month. Overall permits were the second-highest level since the start of the new series in January 2017 but it's more of a one-off around government spending than anything related to the economy. Ontario's institutional component received big contributions from construction for long-term care facilities across the province and a hospital permit in Prince Edward County. Residential building is holding up on the multi-family side as the pipeline of condos continues to work its way through but single-family has flatlined.
The US bond market was open after Monday's Veteran's Day holiday and selling was the order of the day as traders price in the inflationary and growth implications of a GOP sweep (and perhaps increased deficits too). The 10-year yield rose close to 12 basis points. The 2 year is up close to 9 basis points.
The USD moved higher with the greenback moving the most vs the GBP (0.95%).. The GBPUSD moved to the lowest level since August 8 and traded below the 61.8% retracement of the move up from the April low. That level comes in at 1.27322. The current price is trading just above that level into the close for the day.
The EURUSD is rallying modestly into the close but still saw the dollar higher by 0.26% versus the EUR. The pair moved below the 1.0601 level which took to price to a new low for 2024. The low could only get to 1.0594 before bouncing higher into the close. The sellers in the EURUSD had their shot. They missed.
The USDJPY is closing higher by 0.61% and into a swing area between 154.54 and 155.21. The high price reached 154.92 extending above the high price from last week at 154.70. The price is trading at 154.62 into the close. Buyers are in control. Can they extend to the high target at 155.21.
The USDCAD traded to the highest level going back to October 2022 when the price extended to 1.3977. The high price today reached 1.3966 just 11 pips short of that high. The price is trading at 1.3949 going into the end of the trading day.
Gold continues its move to the downside after reaching record levels at the end of October at $2790.07. The price has since fallen -6.89% to $2597.88.
Bitcoin's sprint to the topside continued today with the price reaching above $90,000 for the first time ever and just 2-days after breaking above the $80,000 level. The high price reached $90,243. The price has come off that lofty level and trades at $88,092.