The USD is a little stronger as yields move higher
The GBP is the strongest and the CHF is the weakest as NA traders enter for the day. The USD is tilted to the upside as yields in the US move sharply higher. US stocks are higher by off the highs for the pre-market. US will have enough vaccinations for all adults by the end of May which is good for reopening but is a worry for rates, and stock valuations.
The changes and ranges area showing modest ranges for most of the pairs today (all below the 22 day averages by decent amounts). The US pairs are off the extremes. The EURGBP is on the move to the downside with the EURUSD near the lows and the GBPUSD higher but off the highs for the day. GBPCHF is also near the extreme (higher GBP).
In other markets:
- Spot gold is tumbling and is down $-28.89 -1.64% at $1710.34
- spot silver is down $0.59 -2.25% $26.17
- WTI crude oil futures are trading up $0.66 or 1.1% at $60.41
- The the price of bitcoin is trading up for the $300 or 9.09% to $51,720. The high price reached $52,666. The low price extended to $47,373.29
in the premarket for US stocks, the major indices are higher but off there high pre-market overnight levels as Bond yields move higher:
- Dow up 100 points
- NASDAQ index up 27 points
- S&P index up 8 points
in the European equity markets, the major indices are mostly higher:
- German DAX, +0.5%
- France's CAC, +0.5%
- UK's FTSE 100, +0.6%
- Spain's Ibex, -0.2%
- Italy's FTSE MIB, +0.4%
in the US debt market, the snapshot shows the 10 year yield up 6.9 basis points. The 30 year yield is up 5.9 basis points. Both are near their highs for the day. The 2 – 10 year spread has widened to 133.51 basis points from 127.03 basis points at the close yesterday:
In the European debt market, the benchmark 10 year yields are also trended to the upside. UK yields are up 6.2 basis points leading the way:
