Pair reversing dollar declines from employment Friday
On Friday, the USD fell after a weaker jobs report took the steam out of the greenbacks attempt to move higher. Today, some of those gains are being reversed as the USD is the strongest while the GBP is the weakest of the majors. Note however, that the dollar changes are modest compared to the moves on Friday.
The ranges and changes are showing the US dollar nearer the highs for the day with limited dollar downside today in most pairs before heading higher. The ranges are modest with most pairs less than 41 pips vs all the USD pairs with the exception of the GBPUSD (up at 60 pips).
In other markets:
- Bitcoin is in the news after a weekend where Elon Musk tweeted above dogecoin and this morning announced in a SEC filing that they bought $1.5B in Bitcoin and will accept bitcoin as a payment. The price of Bitcoin on Coinbase (7 day week) shows the digital currency is up $4167 to $42750. Tesla shares are trading up $16.77 or 1.97%
- Spot gold is trading up $9.50 or 0.53% $1823.60.
- Spot silver is trading up $0.24 or 0.87% at $27.16
- WTI crude oil futures are up $0.60 01.06 percent of $57.45
In the premarket for US stocks, the major indices are trading higher after Friday's gains and sharp gains last week:
- S&P index up 12.9 points
- Dow industrial average up 128 points
- NASDAQ index up 50 points
In the European equity markets,:
- German DAX, +0.4%
- France's CAC, +0.5%
- UK's FTSE 100, +1.0%
- Spain's Ibex, +0.4%
- Italy's FTSE MIB, +1.5%
In the US debt market, yields are higher with the 30 year yield peaking above the 2.0% level today (the yield has pushed back to the downside off that level).
In the European debt market, the benchmark 10 year yields are mostly higher with Italy being the exception.
