The USD is the strongest and the NZD is the weakest as the NA session begins


The strongest to weakest of the major currencies

The USD is the strongest and the AUD is the weakest as the NA session begins. The green back is showing signs of trending helped by weaker German GDP released today, and signs that the US economy is not slowing enough to stop the Fed from keep tightening.

Technically, the GBPUSD moved below a key swing area low below 1.19867 (and is moving away from the 1.2000 natural support level).

GBPUSD falls below swing area

The AUDUSD after failing on the breaks below its 200 day MAs the last two trading days, is looking to make the 3rd time the charm. The 200 day MA is at 0.68015. The price is currently trading at 0.67565 and has the 100 day moving average in its target at 0.67214.

AUDUSD runs away from 200 day MA

Crude oil is higher by 0.92% as traders swing and sway to higher inventories, Russian supply actions, and other macro uncertainties.

US stock indices are implying a lower open in the premarket trading ahead of the key core PCE data this morning. Personal income and spending will also be released, but the focus will be on the favored Fed inflation gauge The expectations are for 0.4% MoM and 4.3% for the YoY (down from 4.4%). Uni of Michigan sentiment will be released with New home sales at 10 AM. A number of Fed officials are scheduled to speak including Governors Jefferson and Waller, and Fed Presidents Mester and Collins.

In other markets:

  • Spot gold is trading down $-6.02 or -0.30% at $1816.10
  • Spot silver is trading down $0.24 or -1.12% $21.05
  • WTI crude oil is trading up $0.60 at $76.01
  • Natural gas is trading at $2.46. The price is up from weeks low at $1.96 as a result of colder, snowy weather in the US this week
  • Bitcoin is trading at $23,880. That is not much changed from this time yesterday

US futures are implying a lower opening in the US after yesterday’s move higher. The S&P snapped a four day losing streak yesterday.

  • Dow Industrial Average down -210 points after yesterday’s 108.82 point rise
  • S&P index is down -28 points after yesterday’s 21.27 point rise
  • Nasdaq index is down -113 points after yesterday’s 83.33 point rise

In the European stock markets the major indices are mixed

  • German DAX down -0.67%
  • France’s CAC down -0.52%
  • UK’s FTSE 100 up at 0.13%
  • Spain’s Ibex up 0.14%

In the Asian Pacific market today, the major indices were mixed:

  • Japan’s Nikkei 225 markets up 1.29%

  • China’s Shanghai Composite -0.11%

  • Hong Kong’s Hang Seng -1.68%

  • Australia’s S&P/ASX 200 -0.62%

In the US debt market, the yields are marginally higher after declines yesterday:

  • 2 year yield 4.734%, +4.2 basis points
  • 5 year yield 4.151% +4.7 basis points
  • 10 year 3.915% +3.5 basis points
  • 30 year 3.909% +3.2 basis points

In the European debt market the benchmark 10 year yields are higher:

European tenure yields


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