The EUR is the strongest and the CHF is the weakest as the NA session begins. The EU PPI came in at +31.4% YoY (yikes) as supply chain shocks and now the Ukraine war continue to push those prices. The good news is the expectations were higher at 31.5%.
The USD is mostly higher as the market continues to digest the Brainard comments yesterday where she called for faster taper and higher rates to contain inflation. The FOMC meeting minutes will be released later today with the focus on the taper. The market expects the Fed to tighten by 50 bp increments as they accelerate the tightening process now. Fed’s Harker is expected to speak today. The economic calendar in the US is bare, but the weekly oil inventory data will be released at 10:30 AM ET.
The private data late yesterday showed
Headline crude -2.1M barrels
A snapshot of the markets as North American traders enter for the day shows:
Spotgoldis trading down $2.60 or -0.15% at $1920.57
Spotsilver is trading down $0.14 or -0.57% at $24.18
Spotcrude oilis trading up $1.17 or 1.15% at $103.11
Bitcoinis trading at $44,905 that’s down around $600 on the day
In the premarket for US stocks, the majorindicesare trading lower. The majorindices snapped a two day win streak yesterday with the NASDAQ index leading the declines with a -2.26% decline
Dow industrial average down -226 points after yesterday’s -280.7 point decline
S&P index down -43 points after yesterday’s -57.52 point decline
NASDAQindex is down -227 points after yesterday’s -328.39 point decline
In the European equity markets, the majorindicesare moving sharply lower along with other indices as inflation fears tick up