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AUD is strongest and JPY is weakest at the start of the NA session

Strongest to weakest major currencies

The markets are currently witnessing a reversal of the situation. There is short coverage in stocks after the S&P fell just below bear market territory yesterday (-19.92% from the all-time high, just below -20% of bear market territory ). Major US indices are still on track for another weekly decline (6th in a row for the S&P and NASDAQ. The Dow is at week 7).

In forex, the AUD is the strongest of the majors. The yen came back lower after a strong rise yesterday. IT is the weakest of the major currencies today.

US yields are higher. Crude Oil is higher and trading above $108 today after trading at $98.20 earlier this week. Bitcoin is back above $30,000 as traders breathe a sign of relief as the link survives the decline below the 1.00 level. The Twitter deal with Musk appears to be on hold as Musk mulls over the price given the recent steep drop.

In other markets today, the morning snapshot shows:

  • spot gold is trading down $11.29 -0.62% at $1,811. This is the lowest level since February 7
  • spot silver is down 7.5 cents or -0.34% $20.58. That brings it down to the lowest level since July 2020
  • WTI crude oil futures are up $2.05 or 1.93% at $108.18
  • Bitcoin is trading at $30,630 after trading with a $25,000 handle during yesterday’s price volatility

In European equity markets, major indices are also rebounding from yesterday’s declines:

  • German DAX, +1.6%
  • CAC France, +1.8%
  • UK FTSE 100 +1.7%
  • Italian FTSE MIB +1.4%
  • Spanish ibex +1.2%

In the US debt market, yields rebounded higher with the 10yr up to 2.893%. Yesterday the yield fell to 2.815%

  • 2 years 2.586%, +6.6 basis points
  • 5 years 2.851%, +7.0 basis points
  • 10 years 2.896% +8.0 basis points
  • 30 years 3.054%, +8.3 basis points

In the European debt market, 10-year benchmark yields are also trading higher:

AUD is strongest and JPY is weakest at the start of the NA session

10-year European benchmark yields

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