The NA Session Begins, the USD is the Strongest and the NZD is the Weakest
When the NA session begins, the USD is the strongest and the AUD is the weakest. The greenback is heading higher, aided by worse German GDP data announced today and hints that the US economy is not weakening enough to prevent the Fed from tightening further. Technically, the GBPUSD fell below a crucial swing low of 1.19867. (and is moving away from the 1.2000 natural support level).
After failing to break below its 200-day moving averages in the previous two trading days, the AUDUSD is hoping that the third time would be the charm. The 200-day moving average is at 0.68015. The price is presently trading at 0.67565, with the 100-day moving average at 0.67214 as the objective.
Crude oil is up 0.92% as traders react to increased stocks, Russian supply measures, and other macroeconomic worries. US stock indexes are indicating a weaker open in premarket trade ahead of today's critical core PCE data.
Personal income and expenditure data will also be presented, but the emphasis will be on the preferred Fed inflation measure. The forecast is for 0.4% MoM and 4.3% YoY (down from 4.4%). At 10 a.m., the University of Michigan sentiment will be announced along with new home sales. Several Fed officials, including Governors Jefferson and Waller, as well as Fed Presidents Mester and Collins, are slated to appear.
The marketplace's Trends:
- Gold is currently trading at $1816.10, down $-6.02 or -0.30%.
- Spot silver is down $0.24, or 1.12%.
- WTI crude oil is selling at $76.01 a barrel, up $0.60 from $21.05.
- Natural gas is now trading at $2.46 a gallon. As a consequence of colder, snowier weather in the United States this week, the price has risen from the previous week's low of $1.96
- Bitcoin traded for $23,880. It hasn't altered much since yesterday.
After yesterday's surge upward, US futures are predicting a weaker opening in the US. Yesterday, the S&P 500 ended a four-day losing skid.
- The Dow Industrial Average is down -210 points after rising 108.82 points the day before.
- The S&P 500 is down -28 points after rising 21.27 points yesterday.
- The Nasdaq is down -113 points after rising 83.33 points yesterday
In the European stock markets the major indices are mixed
- German DAX is down -0.67%
- France's CAC is down -0.52%
- UK's FTSE 100 is up at 0.13%
- Spain's Ibex is up 0.14%
In the Asian Pacific market today, the major indices were mixed:
- Japan’s Nikkei 225 markets up 1.29%
- China’s Shanghai Composite -0.11%
- Hong Kong’s Hang Seng -1.68%
- Australia’s S&P/ASX 200 -0.62%
In the US debt market, the yields are marginally higher after declines yesterday:
- 2-year yield 4.734%, +4.2 basis points
- 5-year yield 4.151% +4.7 basis points
- 10 year 3.915% +3.5 basis points
- 30-year 3.909% +3.2 basis points