Fast break the other way today.
The AUD is the strongest and the USD is the weakest as North American traders enter for the day. The flows reverse those from yesterday. Stocks are sharply higher with the NASDAQ leading the way after the -310.98 point decline yesterday. US yields are lower as well with the 10 year down 5.3 basis points. Today the U.S. Treasury will auction off three year notes at 1 PM ET. Tomorrow and Thursday they will follow with 10 and 30 year auctions. With a focus on interest rates, each of the options will be key for the markets (and sentiment). Gold is up and back above $1700. It is a fast break the other way in all these markets.
Looking at the changes in ranges, the major pairs are reversing part of their moves from yesterday which saw the USD as the strongest of the major currencies. The low to high trading ranges are larger than the 22 day averages ahead of the NA session. The JPY cross currency pairs are also higher reflective of risk on flows.
In other markets:
- Spot gold is up $22.59 or 1.34% at $1706.
- Spot silver is up $0.62 or 2.47% or $25.75.
- WTI crude oil futures are up $0.13 or 0.2% at $65.18.
- Bitcoin is up $1968 or 3.79% at $53,840
In the premarket for US stocks the major indices are higher led by the NASDAQ index after yesterday's sharp 310 point decline.
- S&P index of 36.4 points
- Dow industrial average of 123points
- NASDAQ index 280 points
the European equity markets, the major indices are up modestly
- German DAX, +0.3% (a new record)
- France's CAC, +0.25%
- UK's FTSE 100, +0.4%
- Spain's IBEX, +0.49%
- Italy's FTSE MIB +0.39%
In the US that market, yields are lower after the recent run higher. Yesterday the five-year note lead the way to the upside. Today yields are lower across the board ahead of the three-year note election at 1 PM ET:
The European debt market, yields are also down across the board:
