USD is trading a little higher
As the market awaits for US durable goods and the text of Fed Chair Powell's testimony at 8:30 AM ET/1330 GMT, the CHF is the strongest currency of the majors while the NZD is the weakest. The USD is mostly higher with modest gains vs the NZD, GBP, AUD and CAD, a modest decline vs the CHF and near unchanged vs. the EUR and JPY.
Although the text of his prepared text will be released at 8:30 AM ET, Powell starts his testimony at 10 AM ET.
There is other data released today including:
- US advanced goods trade balance for January -72.3 billion expected
- wholesale inventories. Expected +0.4%
- S&P core logic Case Shiller home price index at 9:00 AM ET. Expected 6.35% year on year
- Richmond manufacturing index (at 10 AM ET). Expected 15 versus 14 last month
- Consumer conference Board consumer confidence for February 126.5 versus 125.4 last month
The trading ranges are well below the 22 day averages (about a month of trading) as traders await the data and Powell. There is plenty of room to roam on surprises.
In other markets, a snapshot is showing:
- Spot gold is down $-3.60 or -0.27% at $1329.92
- WTI crude oil futures are trading down $.18 or -28% at $63.72
- The price of bitcoin is trading up $304 at $10679. The price today cracked above the 200 hour MA on the Coinbase exchange at $10355 which is more bullish.
US stocks in premarket trading are mixed:
- S&P futures are implying an opening of +1.50 points
- Nasdaq futures are implying a lower -3.0 point decline
- Dow futures are inplying a 36 point rise at the opening
US yields are up marginally:
- two-year 2.218%, -0.4 basis points
- 5 year 2.615%, +0.5 basis points
- 10 year 2.868%, +0.5 basis points
- 30 year 3.162%, +0.9 basis points
European stock markets are little changed:
- German DAX is faring the worst that -0.43%
- France's CAC is trading near unchanged
- UK's FTSE is also near unchanged levels
- Spain's Ibex is down -0.15%
- Italy's FTSE MIB is unchanged
In a 10 year note sector yields in Europe are little changed:
- Germany 0.664%, +1.2 basis points
- France 0.938%, +0.5 basis points
- UK 1.524%, +1.5 basis points
- Spain 1.56%, +0.4 basis points
- Italy 2.01%, -0.4 basis points
- Portugal 2.01%, +1.7 basis
