As the North American session begins the NZD is the strongest while the USD is the weakest. China is reporting the taking off of some internal travel been restrictions. In other China news, Pres. Biden hinted of taking away some Chinese tariffs, but spoke strongly about a US military reaction to a China invasion in Taiwan.. The White House softened the rhetoric saying that the US policy towards has not changed. Nevertheless China was not pleased saying that the US was playing with fire.
In the EU, ECBs Lagarde spoke of a path to raising rates by the end of third-quarter. Other ECB officials see a high earlier in the 3rd quarter but the comments were more hawkish by the ECB Pres. That helped to push the EUR higher.
US stocks are higher. The price of gold is higher and gold is higher in early US trading.
It is a holiday in Canada today. Adam is off today and also without power after a powerful storm uprooted trees in his area.
A look around the markets shows:
- spot gold is trading up $17.74 or 0.96% $1863.32
- spot silver is up $0.43 or 2.01% at $22.17
- WTI crude oil is trading up $1.06 or 0.96% $111.31
- Bitcoin is trading back above the 30,000 level at $30,517
In the premarket for US trading, the futures are trading higher in a hopeful move to break the 7 week losing streak for the NASDAQ and S&P and 8 week losing streak for the Dow industrial average
- Dow is up 342 points after Friday's 8.77 point rise
- S&P index is up 41 points after Friday's 0.57 point rise
- NASDAQ index is up 100 points after Friday's -33.80 point decline
In Europe:
- German DAX is that is up 0.91%
- France's CAC is up 0.43%
- UK's FTSE 100 is up 1.17%
The US debt market this morning, yields are modestly higherr :
- 2 year yield is at 2.604%, +1.9 basis points
- 5 year yield is at 2.827% up 2.3 basis points
- 10 year yield 2.824%, +3.9 basis points
- 30 year 3.026%, +3.5 basis points
in the European debt market the yields are also higher in trading. The Italian 10 year is modestly lower breaking the trend.
