The USD is stronger on a Monday
As the North American session begins, the CAD is the strongest and the CHF is the weakest. The USD is stronger with declines only vs the CAD. The US stocks are higher after a week where the S&P and Dow each fell each day last wek. Dow is nearly at a 2 month low and the S&P is at the lowest level since August 20. China is still looking to increase the regulatory crackdown. Crude oil prices are higher and back above $70. US yields are lower with the 10 year staying in the 1.2650% to 1.3800 range since August 24th. The US Dems are looking to propose tax hikes including capital gains tax rise and higher corporate taxed.
A snap shot of markets to start the North American Monday trading shows:
- Spot gold up $3.45 or 0.19% at $1791.
- Spot silver is down six cents or -0.26% at $23.66.
- WTI crude oil futures rose $0.39 or 0.56% at $70.11
- The price of bitcoin is trading below the $45,000 level at $44,965
in the premarket for US stocks, the major indices are higher:
- Dow up 217 points after falling -271.66 points on Friday
- NASDAQ up 88 point after falling 5-132.76 points on Friday
- S&P index S&P index up 27 points after falling -34.7 points on Friday
in the European equity markets, the major indices are also rebounding to the upside:
- German DAX, +0.9%
- France’s CAC, +0.7%
- UK’s FTSE 100, +0.6%
- Spain’s Ibex, +1.1%
- Italy’s FTSE MIB, +1.1%
in the US debt market, the yields are lower but remain within the recent ranges. Recall last year the 10 and 30 year auctions went very well was strong demand for both:
In the European debt market, the benchmark 10 year yields are also trading to the downside: