The USD is the mixed
The AUD is the strongest and the EUR is the weakest as the NA session begins. The EUR is moving lower at the start after Italy announces, they will close all schools and universities until mid March. That has helped contribute to more weakness as NA traders enter for the day. The AUD continues its move higher after yesterdays surge after the RBA 25 basis point rate cut. The USD is mixed in early NY trading. The CAD is stronger vs most currencies ahead of their interest rate decision where markets are looking more toward a 50 BP cut now. In the US, the ADP payroll employment change is expected to rise by 170K versus 291K last month
Looking at the ranges and changes, the EUR pairs are trading at (or near lows) vs the major currencies. The EURUSD is trading lower by -58 pips. The EURJPY was positive for most of the day, but is now trading negative by -9 pips (after being up 46 pips).
In other markets:
- Spot gold is up $5.70 or 0.35% at $1646.72
- WTI crude oil futures are up $0.71 or 0.46% to $47.89. Saudi's push OPEC+ to agree cut a more than 1 million barrels per day.
in the premarket for US stocks the major indices are soaring in early market trading. The futures are implying:
- Dow Jones up 543 points
- S&P index is up 51.5 points
- NASDAQ index up 160 points
in the European equity markets, indices are also trading higher:
- German DAX, +1.6%
- France's CAC, +1.7%
- UK's FTSE 100, +2%
- Spain's Ibex, +1.5%
- Italy's FTSE MIB, +2.0%
In the US debt market, yields yields are lower but off the lowest levels. The 30 year yield is now unchanged on the day at 1.615% after being down at 1.565% earlier. The 2 year yield is down -2.8 basis points at 0.671% but off the session lows of 0.632%:
In the European debt market, the benchmark 10 year yields are lower:
