TGIF
The EUR is the strongest and the USD is the weakest as NA trading get underway on a Friday. TGIF. The Eueopean stocks continue to move higher with the German Dax moving to yet another new high. The CAC is also making a new year high and works closer to its all time high from September 2000 at 6944. The high reached 6913.67. US yields are lower today by a basis point or two. The US stocks are mixed/little changed in early trading. For the USD, the sellers outfought the buyers to end the week. The import prices are in the US will be released at the bottom of the hour. The Univ of Michigan sentiment will be released at 10 AM (prelim data) with expectations of 81.2 vs 81.2 last month.
In other markets:
- Spot gold is trading up $6.36 or 0.36% at $1758.60.
- Spot silver is up $0.24 or 1.04% at $23.38
- WTI crude oil futures are trading near unchanged at $68.87
- The price of bitcoin has rebounded $1942 to $46,385
In the premarket for US stocks, the major indices are mixed. Yesterday the S&P and Dow both closed at record levels for the third day in a row. The NASDAQ snapped a today losing streak:
- Dow +53 points
- NASDAQ -13 points
- S&P index +2.2 points
In the European equity markets, the major indices are higher once again:
- German DAX, +0.3%
- France’s CAC, +0.25%
- UK’s FTSE 100, +0.4%
- Spain’s Ibex, +0.3%
- Italy’s FTSE MIB, his 0.4%
In the US debt market, the yields are down across the curve. The 2-10 year spread has narrowed somewhat with the spread at 112.7 basis points versus 114.0 basis points at the close yesterday.
