The AUD is the strongest and the JPY is the weakest as NA traders enter for the day. The US dollar is mixed to higher with declines versus the AUD and NZD (near unchanged verse the GBP in the morning snapshot), and gains verse the JPY, EUR and CHF.
The USDJPY rebounded back to the upside and trades back above its 200 hour moving average at 127.81. Yesterday the price move below that moving average and the 50% of the last trend leg move higher. The correction in the late afternoon push the pair back up toward its 200 hour moving average or sellers entered in the early Asian session a new low going back to April 19 was reached at 129.93, but since then the price has been stepping higher moving above that 200 hour moving average and briefly breaking above the 100 hour moving average at 128.052.
The US 30 year mortgage rate reaching another cycle high 5.37%. Pending home sales will be released at 10 AM ET later today. Crude oil inventories will be released at 10:30 AM ET the private data was released late yesterday and showed crude stocks increase by 4.784M barrels. The estimate is for a 2.000M build.
In other markets, the morning snapshot shows:
- Spot gold is trading down $5.10 -0.29% $1900.10
- Spot silver is up $0.13 or 0.57% $23.60
- crude oil is trading down modestly by -$0.54 or -0.52% at $101.65
- Bitcoin is trading up about $900 and $39,037
In the premarket for US stocks the major indices are trading higher after yesterday's plunge. Microsoft shares are trading up around $10 after earnings last night. Google is not fairing so well with the decline close to $100 or -4.1%. Boeing missed earnings this morning and its stock is down 4% the close yesterday. Earnings after the close include Meta-, PayPal, Ford, Qualcomm, servicenow. Meta-shares are down 52.9% from its all-time high.
The Dow is down -10% from its 52 week high. The S&P is down -13% and the NASDAQ index and Russell 2000 index are both down -23% from the all-time highs
- Dow industrial average is up 255 points after yesterday's minus 809.28.4
- S&P index +20 points after yesterday's -120.92 point decline
- NASDAQ index up 57 points after yesterday's -514.11 point decline
The Europe, the major indices are rebounding higher despite the declines in the US market late yesterday.
- German DAX, +0.27%
- France's CAC +0.51%
- UK FTSE +0.7%
- Spain's Ibex +0.32%
- Italy's FTSE MIB +0.42% %
The US debt market, the yields are modestly higher after declines seen over the last few days
- two year yield is at 2.526%, up 4.5 basis points. The high yield reached 2.787%
- 5 year is at 2.765%, up 2.6 basis points. It's high yield in this cycle reached 3.048%
- 10 year 2.755% up 2.9 basis points. It's high yield reached 2.981%
- 30 year 2.851% up 1.9 basis points. It's high yield reached 3.032%.
In the European debt market, the benchmark 10 year yields are also trading a bit higher in early North American trading:
US dollar is