Start of the trading week sees mixed stocks in US, lower yields, oil unchanged
The CHF is the strongest and the USD is the weakest (and at session lows to start the day) as the North American session begins. The US stocks are mixed in early trade (Dow down, Nasdaq up), bond yields are lower with the 10 year down -3.2bp, crude oil is above and below unchanged, gold is down. AstraZeneca got a 79% efficacy against symptomatic Covid 19 with no vaccine related safety concerns. That is good news for the EU where the drug was temporarily banned.
Looking at the range and changes, the USD is trading near session lows vs all the major currencies with the exception of the USDJPY in the morning snapshot, after trading higher earlier in the session. The USD was pushed higher (gapped) at the Asian open after the ousting of the Turkish central bank chief Naci Agbal over the weekend. That sent the TRY sharply lower and helped to drag other currencies lower vs the USD. Those declines have now been reversed as markets calmed and the USD is lower and near session lows vs most major currencies. JPY crosses, which were also down sharply, are trading near highs (with some of the pairs still a bit negative but way off the lows). The EURGBP is higher.
In other markets:
- Spot gold is trading down -$12.22 or -0.70% at $1733.32
- Spot silver is down $0.64 or -2.44% at $25.60
- WTI crude oil futures are trading down $0.16 or -0.26% at $61.26
- The price of bitcoin is trading down $345 or -0.60% at $57,485.87
In the US stock market, the markets are mixed with the Dow industrial average down modestly, the S&P index up modestly and the NASDAQ index doing better overall. On Friday, the S&P fell -2.36 points or -0.06%, the Nasdaaq rose 99.07 points or +0.76%, the Dow fell -234.33 points or -0.71%.
- Dow up -23 points
- S&P up+4 points
- The Nasdaq up +70 points
IN the European equity markets, the major indices are mixed:
- German DAX, +0.2%
- France's CAC, -0.35%
- UK's FTSE 100, unchanged
- Spain's Ibex, -1.4%
- Italy's FTSE MIB, +0.2%
In the US debt market, yields are lower with the 10 and 30 year issues down over 3%. This week Chair Powell will be speaking and the bond market will be listening once again:
In the European debt market, the benchmark 10 year yields are mixed with Germany and UK yields lower, Spain, Italy and Portugal are modestly higher
