USD is lower as stocks look to rebound
The AUD and the NZD (risk on currencies) are the strongest today. The JPY and USD are the weakest (risk off). The European equity markets are higher after getting smashed yesterday. In the US, the Dow is looking to snap an 8 day slide. The Dow has not fallen 9 days in a row since 1978 (the 8 days ties the record going back to that date). The Dow is implying a 136 point rise now.
A look at the ranges and changes shows the USDJPY and USDCHF are lagging with narrow ranges. The JPY pairs are higher and off the highs but near the highs.
In other markets, the snapshot shows:
- Spot gold $1269.27, up $2.07 or +0.16%
- WTI crude oil is up $1.03 or 1.57% at $66.57. OPEC agreed to 1M BPD increase.
- Bitcoin is down -$372 today at $6344 and in the process has moved below the swing lows from April at $6450.
US stock futures imply increases:
- Dow imply a 143 points rise now
- S&P implies a 15 point rise
- Nasdaq implies a 31 point rise
European shares are higher too with:
- German Dax up 0.5%
- France CAC up 1.0%
- UK FTSE up 1.38%
In the US debt market, yields are higher.
European 10 year yields are mixed. After a sharp spike in Italian yields yesterday, they are back down today.
