US and Canada back to full strength
The AUD is the strongest and the JPY is the weakest as the NA session begins. There was no changes at the top and bottom as those two currencies held the same positions at the close of trading yesterday (although the moves were much more pronounced). Today the US dollar is mostly lower with modest gains only versus the JPY and CHF. The AUDUSD change is 0.44%, while the NZD (-0.35%) and the GBP (-0.23%) are other pairs with more than modest changes. The US and Canada are back at full force today after the holiday/quasi-holiday yesterday. Canada celebrated Thanksgiving. The US celebrate Columbus Day with government offices closed including the U.S. Treasury and bond market. The US stock exchanges were open however with the major indices are closing at their lows after erasing earlier declines. Overnight the German ZEW economic sentiment index dipped to 22.3 from 26.5 last month. That was the lowest level since February 2020's plunge on Covid. The US NFIB small business index dipped to 99.1 from 100.1 last month. That is the lowest level since May 2021.
In other markets:
- Spot gold is trading up $7.86 or 0.45% $1761.30
- Spot silver is up three cents or 0.18% at $22.60
- WTI crude oil futures are trading up $0.35 or 0.45% at $80.85
- The price of bitcoin after yesterday's run to the upside is down $-373 -0.65% at $57,112
in the premarket for US stocks, the major indices have erased overnight losses and are trading marginally higher:
- Dow industrial average is up 20 points after yesterday's -250.19 point decline
- S&P is up three points after yesterday's -30.15 point decline
- NASDAQ index is up 33 points after yesterday's -93.34 point decline
in the European equity markets, the major indices are lower:
- German Dax -0.4%
- France's CAC -0.6%
- UK's FTSE 100 -0.5%
- Spain's Ibex unchanged
- Italy's FTSE MIB -0.1%
In the US debt market, the yields are trading mixed with the short and (two and five year) up while the 10 and 30 year are trading lower in the yield. The U.S. Treasury will auction off both 3 and 10 year notes at 1 PM ET.
In the European debt market, the benchmark 10 year yields yields are trading mixed but modestly changed. The German 10 year traded as high as -0.108% as it moves closer to the 0.0% level. The yield is currently trading at -0.12%, up 0.5 basis points today.
The JOLTs job openings will be released at 10 AM ET. There is a number of Fed officials who are scheduled to speak including Vice chair Clarida, Atlanta Fed president Bostic, board Gov. Bowman.