The USD is mixed
The NZD is the strongest and the JPY is the weakest as the North American session begins (and the new week and month begins). The USD is mixed after the run higher into the end of month on Friday. US stocks are higher. Yields are higher with the 5 year up 1.2091%. Last week that yield moved to the highest level since February 2020 (at 1.251%). Markit Manufacturing PMI (final: 9:45 AM ET), construction spending and ISM data (both at 10 AM) will be released.
In other markets as trading gets underway is showing:
- Spot gold is trading up $4.23 or 0.24% at $1787
- Spot silver is up to cents or 0.06% at $23.88
- WTI crude oil futures
- the price of bitcoin is trading at $62,104 not far off of Friday's levels
In the premarket for US stocks, the major indices are higher after Friday's gains and record closes:
- S&P index is up 17.12 points. On Friday the index gained 80.98 points
- Dow it is up 153 points after Friday's 89.08 point rise
- NASDAQ is up 53.28 points after a similar gain of 50.27 points on Friday
In the equity markets, the major indices are also trading to the upside:
- German DAX is trading up 0.7%
- France's CAC is up 0.85%
- UK's FTSE 100 is up 0.35%
- Spain's Ibex is up 1.2%
- Italy's FTSE MIB is up 0.8%
In the US debt market, yields are higher across the maturity spectrum:
In the European debt market, the benchmark 10 year yields continue to move to the upside. The Italy 10 year is up the most (up 9.0 basis points) and trades at the highest level since July 2020.
This week the FOMC will meet and announce their policy decision on Wednesday at 2 PM. The Fed is expecting to start the taper process. On Friday the US will release their jobs report with nonfarm payroll currently expected to be up 400K versus 194K last month.
