Fast break the other way as stocks race higher
As North American traders enter for the day, the AUD is the strongest and the JPY is the weakest. Stocks are trading locked at their upper limit after the Dow fell -9.99%. The ETFs are tracking about a 5.4% gain in stocks now. Yields have moved higher as well. Gold which fell over $60 at points yesterday, does not know what to do, but is up about $4-$5. The USD is sitting in the middle of the currency ranking table with gains vs the JPY, GBP, CHF and EUR and declines vs the AUD, NZD and CAD.
The ranges and changes are varied but healthy (vs the 22 day averages which are higher). The USDJPY has a 222 pip range and trading up nearly 200 pips from the close yesterday. The JPY pairs are all higher and trading near session highs for the day. The GBPUSD and the EURUSD are trading at session lows in an up and down trading day.
Snapshots of other markets are showing:
- Spot gold is now trading up $9.80 or 0.63% of $1586
- WTI crude oil futures are trading up $1.62 or 5414% at $33.12
In the US stock market, as mentioned the futures are locked debt limit up (5%). The corresponding ETF are showing a gain of about 5.4% in S&P in Dow stocks.
In the European equity markets:
- German DAX, +8.7%
- France's CAC, +7.23%
- UK's FTSE, +6.3%
- Italy's FTSE MIB +13.3%
- Spain's Ibex +8.57%
In the US debt market, yields cross curve are higher with a steeper yield curve.
In the European debt market, investors are still shunning the benchmark 10 year Italian debt but other yields 10 year yields are smartly higher.
