Technical Analysis

The NZD is the strongest and the USD is the weakest as the NA session begins

The strongest to the weakest of the major currencies

The NZD is the strongest and the USD is the weakest as the NA session begins.

The USD is not the king today (see weekend video HERE) as there is corrective action in the greenback and in the other US markets as well. The GBPUSD is trading around the 1.0800 level after the plunge yesterday took the pair to an all-time low at 1.0353 (or there abouts). BOEs economist Pill will be speaking later. Will the comments calm the pound anxiety.

The USD is King

The US stocks are higher after the rallies yesterday failed and the major indices closed lower (closed at the lowest levels since December 2020). The US yields are also moving lower. Gold is getting a boost from the lower dollar and lower rates and is up from April 2020 lows. Crude oil is up 1.4% in early US trading.There are some leaks in the Nord Stream 1 pipeline in a relatively confined area which raised some eyebrows (Russian sabotage?).

A snapshot of the major markets near the start of the US session is showing.

  • Spot gold is up $14.61 or 0.90% at $1636.75.
  • Spot silver is up $0.35 or 1.88% at $18.69
  • Crude oil is at $77.76 up 1.39% on the day
  • Bitcoin is back above the $20,000 level at $20247
  • Natural gas is up $0.07 or 0.99% at $7.12

In the pre-market for the US stocks, the major indices are higher:

  • Dow is up 350 points after yesterdays -329.6 point decline
  • S&P index is up 50.75 points after yesterdays -38.17 point decline
  • NASDAQ index is up 184 points after yesterdays -65 point decline

In the European equity markets today, the major indices are higher:

  • German DAX +0.95%
  • France’s CAC +0.92%
  • UK’s FTSE 100 +0.35%
  • Spain’s Ibex +0.13%
  • Italy’s FTSE MIB +0.2%

In the US debt market, the yield curve is steep and the bid with the lower end moving lower and the longer and staying steady:

Rates US rates are lower

in the European debt markets, yields are also lower:

European yields are lower

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