The USD is stronger (and getting stronger)
The JPY is the strongest the EUR is the weakest as the NA session gets underway. The USD is mostly stronger. Traders are shunning risk as yields and stocks continue to worry. Below is a snapshot of the strongest to weakest of the major currencies vs each other.
Apart from the USDJPY, which sits near the middle of it's range and lower, the other pairs vs. the USD are near extremes for the day (with the USD higher). As for the other JPY pairs other than the USDJPY, they too are getting hit today and trading at lows for the day (see top chart below). The ranges are mostly below the 22-day averages but with mostly decent ranges with the NY session ahead.
In other markets:
- Spot gold is trading near unchanged at $1187.81.
- WTI crude oil is up $0.45 or 0.58% at $74.72
- Bitcoin on Coinbase is trading down $37 at $6585. The price has been consolidating above and below the 100 and 200 hour MA going back to mid_September with the range narrowing. At some point, the "market" will run with a break. The longer it non-trends, the closer it gets to running. So be aware.
In the US debt market, the 10 year yield hit a fresh 7 year high at 3.259% but has backed off a bit into the NA session. The 30 year yield brushed a 4-year high at 3.445%. The 2-10 year spread is up 0.8 bps to 35.56 bps. It wasn't long ago, that the spread was sub 20 bps.
European yields are higher with the Italian yields moving the most (once again).
In the pre-US stock opening, the major indices are lower:
- Dow is down -86 points
- S&P is down -11 points
- Nasdaq is down -35 points
