The GBP is the strongest and the EUR is the weakest as the NA session begins. The USD is mildly higher with the EURUSD up 0.23% on the day leading the way. The USDJPY move of 0.14% is the next largest change in the morning snap shot. That is not a whole lot of movement. Quiet start to the week.
What is the biggest moving currency pair? That distinction goes to the EURGBP with a modest 0.25% move lower. Looking at the EURGBP hourly chart below, the pair has been skimming along a topside channel trend line and found willing sellers. It also stalled near the high from March 23 which gave sellers an area to lean against.
US stocks are modestly higher.US yields are higher as well ON Friday, Fed's Waller threw cold water on lower rates by saying the Fed is not making headway on inflation and that additional rate rises are still needed. JPMorgan's Dimon said last Friday:
- “People need to be prepared for the potential of higher rates for longer”
- “If and when that happens, it will undress problems in the economy for those who are too exposed to floating rates, for those who are too exposed to refi risk”
Today Canada will release wholesale sales with expectations of -1.6% vs 2.4% last month. The regional empire manufacturing data will be also be released at 8:30 AM ET with estimate of -17.7 vs -24.6 last month. The index has been down for 4 consecutive months, and 7 of the last 8 basis points. The NAHB Housing market will be released at 10 AM with the expectations for the index to move to 45 from 44.
A snapshot of the market currently shows:
- Spot gold is trading up $5.30 or 0.26% at $2008.82
- Spot silver is up $0.13 or 0.53% at $25.46
- WTI crude oil is trading down $0.54 at $81.97
- Bitcoin is back below the $30,000 level at $29,556
In the premarket Bureau stocks, the major indices are mixed
- Dow Industrial Average is up 50.53 points after Friday's -143.22 point decline
- S&P index is up 4.11 points after Friday's -8.58 point decline
- NASDAQ index is down -2.52 points after Friday's -42.81 point decline
in the European equity markets, the major indices are mixed:
- German DAX -0.10%
- Frances CAC -0.10%
- UK's FTSE 100 +0.22%
- Spain's Ibex +0.20%
in the US debt market, the yields are higher:
- two year yield 4.154%, +5.1 basis points
- five year yield 3.649% +3.8 basis points
- 10 year yield 3.548% +2.7 basis points
- 30 year yield 3.763% +2.6 basis points
In the European debt market, the benchmark 10 year yields are also higher:
