The USD is leaning lower after a rise over the last week
The GBP is the strongest and the AUD is the weakest as NA traders enter for the day. The USD is leaning to the downside after running higher during the last week of trading (the DXY index closed at the highest level since July 2020 yesterday). The dollar did move to a new high earlier today, but sees sellers of the green dollar in the European session.
Pres. Biden said he will announce by the end of the week his election for Fed Prayer.
British inflation came in higher than expectations at 4.2% for the stock (versus 3.9% estimate) and core at 3.4% versus 3.1% estimate. The numbers were the highest in 10 years and helped push the GBPUSD back to its 200 hour mA at 1.3460. The BOE is playing more for a December tax increase.
EU final inflation at 4.1% was roughly as expected and same as the preliminary reading. That is still higher and equal to the highest level since August 2008. The core CPI came in at 2.0% slightly below the 2.1% estimate.
Today, Canada CPI will be released at 8:30 AM ET / 1330 GMT. US stocks are changing little. U.S. yields are modestly higher. The U.S. housing and building permits will also be released at 8:30 AM ET / 1330 GMT. The price of crude oil is lower ahead of the inventory data later today. The private data released late yesterday showed crude inventories up to 655M against a 1.4MM estimate. Many Fed talks with Williams, Bowman, Daly, Waller, Evans, Bostic all scheduled to speak.
- Spot gold rebounded after yesterday’s modest declines and traded up $ 13.63 or 0.73% at $ 1863.20.
- Point silver recovers its losses from yesterday and trades up $ 0.30 or 1.23% at $ 25.12.
- Crude oil is trading at $ 80.20. That decreases by about $ 0.42
- Bitcoin is trading just above the 60,000 level at $ 60,594 modestly higher than yesterday.
in the US stock market, futures currently involve a mixed opening with:
- Dow industry average -20.22 points after yesterday’s 54.77 point increase
- S&P index is up 0.5 points. Yesterday the index rose 18.10 points but moved away from an all-time record close (less than one point from a new record).
- NASDAQ index rises by 21 points. Yesterday the index rose by 120.01 points. It closed yesterday at about 0.3% of its all-time high.
In the European equity markets, the German DAX and France CAC which is modest. Yesterday, both indices closed at record levels.
- German DAX, + 0.1%
- CAC of France, + 0.1%
- UK FTSE 100 -0.32%
- Hispana Ibex, -0.2%
- FTSE MIB of Italy, unchanged
In the U.S. debt market, the 30-year yield is up 1.4 basis points ahead of the 20-year auction at 1 p.m. today. The 10-year yield increases by 0.3 basis points: