Stocks rebound. Yields marginally higher. Gold down
As the North American trader enter for the day, the AUD is the strongest and the USD is the weakest. The US dollar was the weakest currency yesterday as well. The GBPUSD is trading above the 1.4000 level. The USDJPY moved back below the 200 day MA at 105.488. The USDCAD is looking to test the 1.2600 level and below that level, the cycle low from January at 1.25872. Canada retail sales will be released at 8:30 AM ET. The AUDUSD and NZDUSD are both racing higher with the AUDUSD trading to a new cycle high going back to 2018 and the NZDUSD getting out of its confined choppy range in the recent hourly bar abovee 0.72676. Things are moving for a Friday.
Looking at the changes and ranges for the major currency pairs, the US dollar pairs are trading at extremes entering the North American session. The commodity currencies are leading the way with ranges close to or above 100 pips (led by the USDCAD at 108 pips from the high to the low). The AUDUSD and NZDUSD only briefly traded negative on the day before starting the trend move to the upside in the Asian session.
In other markets:
- Bitcoin is trading up $565 or 1.08% of $52,600. The high price extended to $52,899.46.
- Spot gold is trading down $0.84 -0.05% at $1774.62
- Spot silver is trading up $0.15 or 0.59% at $27.19
- WTI crude oil futures are unwinding the Arctic freeze in the US trade. The April contract is down $0.96 or -1.57% at $59.58
In the premarket for US stocks, the futures recovered from earlier losses overnight, and are trading higher (retracing most of the declines from yesterday). The NASDAQ index is leading after a few days of declines.
- S&P index +16 points after falling -17.36 points yesterday
- Dow industrial average +87 points after falling -119.68 points yesterday
- NASDAQ index +80 points after falling -100.14 points yesterday
In the European equity markets the major indices are rebounding after declines yesterday
- German DAX, +0.7%
- France's CAC, +0.7%
- UK's FTSE 100, +0.2%
- Spain's Ibex, +1.0%
- Italy's FTSE MIB, +0.55%
In the US debt market, yields are higher with a marginally steeper yield curve. The 30 year yield is up to 2.096% up 1.4 basis points. The 10 year is up 1.5 basis points to 1.311%. The 2 – 10 year spread has widened to 120.21 basis points from 119.07 basis points at the close yesterday
In the European debt market, the benchmark 10 year yields are mixed with UK yields up 4.0 basis points in Italian yields down -1.9 basis points
