The NZD is the strongest and the CHF is the weakest as the NA session begins.
Overnight, Japan announced inflation data and it 40 year highs. BOJ Kuroda said that he continues to see inflation as transitory and that a decline was likely in 2023. The JPY was mixed.
The NZDUSD broke above its 100 hour MA in the Asian session and continued to trend higher through the European session . Late yesterday in a post, I outlined how the pair corrected yesterday but did hold support at the 38.2% of the last move higher and moved back above a topside channel trendline. That kept the buyers more in control. The early dip in the early Asian session found support at the underside of the broken trendline and it helped to kickstart the move higher and it trades back near the high from yesterday.
The USDCAD trades between its 100 and 200 hour MA after testing the higher 200 hour MA in the current hourly bar.
The Low to high trading ranges today show that the EURUSD, GBPUSD, USDJPY, USDCHF and USDCAD have ranges that are all 50% or less than the average over the last 22 trading days. Friday trading? Or room to roam? In the early hours of trading look for a break and run near technical levels and hope for follow through momentum, but IT IS Friday.
Stocks in the US are higher after modest declines on Thursday (two days of modest declines). Yields are modestly higher in the US. Twitter sees a wave of resignations after Musk ultimatum.
No beer around the stadium in Qatar. Taylor Swift tickets? The end of that story has not been heard.
A snapshot of other markets:
- Spot gold is trading up $1.25 or 0.06% at $1761.25
- Silver is trading up $0.20 or 0.97% and $21.13
- crude oil is trading lower and $80.10 after settling at $81.64 yesterday
- Bitcoin is trading at $16,773
In the premarket for US stocks, the major indices are bouncing nicely after 2 days of modest declines:
- Dow industrial average up 210 points after yesterdays -7.51 point decline
- S&P index up 34.44 points after yesterdays -12.23 point decline
- NASDAQ index +116 points after yesterdays -38.70 point decline
in the European equity markets, the major indices are also rebounding in trading today:
- German DAX +1.07%
- France's CAC +1.15%
- UK's FTSE 100 +0.83%
- Spain's Ibex +0.91%
- Italy's FTSE MIB +1.0%
In the US debt market, the yields are in the US debt market, the yields are higher.
In the European debt market, the benchmark 10 year yields are trading mixed
