It's heading into the year end but nevertheless the forex markets are in motion. The NZD and AUD are leading a "risk-on"move today and are the strongest of the major currencies. The JPY and the USD are the weakest and taking the brunt of the selling. China remains an issue as they relax Covid problems, but are now being impacted by the surge in cases as they fact those repercussions. US stocks are higher in pre-market trading after yesterday's mixed results (Dow higher/Nasdaq and S&P lower). The Santa Claus rally is so far a dud. December is looking to be a down month for the first time since 2018 (although the 4th quarter is still positive). Bond yields are lower in early trading today.
Today there will be pending home sales at 10 AM ET with estimate of -0.8% vs -4.6% last month. The Richmond Fed regional index will be also be released at 10 AM with last month at -9.
Looking at other markets:
- Spot gold is trading down -$6.81 or -0.37% at $1806.31
- Spot silver is down -$0.16 or -0.70% at $23.84
- Crude oil is down -$0.65 at $78.94
- Bitcoin is trading at $16653 after trading as low as %15479 yesterday
In the pre-market for US stocks:
- Dow is up 52 points after yesterdays 37.63 point rise
- S&Pis up 3.5 points after yesterday's -15.55 point decline
- Nasdaq is up 7 points after yesterday's -144.64 point decline
in the European equity markets:
- German DAX -0.15%
- France's CAC, unchanged
- UK's FTSE 100 +0.80%
- Spain's Ibex +0.23%
- Italy's FTSE MIB unchanged
In the US that market, the yields are lower:
- two year 4.349%, -1.9 basis points
- five year 3.936% -2.5 basis points
- 10 year 3.831% -2.6 basis points
- 30 year 3.911% -3.1 basis points
in the European debt markets markets, benchmark 10 year yields are mixed:
