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JPY is strongest and EUR is weakest as NA trading starts

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JPY is strongest and EUR is weakest as NA trading starts

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USD is mostly higher to start the North American session

JPY is strongest and EUR is weakest as NA trading starts. TGIF at all, which means price action can be influenced by weekend flows and increased volatility.

USDJPY is down (as are JPY pairs with EURJPY now down -1.28%). In Europe, the EUR is responding to the increase in the Covid case and the risk of a new round of lockdowns as a result (Austria has announced it will block and impose a broad vaccine mandate). This drastically depresses European yields.

US yields are also lower despite concerns about rising inflation, but that being said, the concern is being helped by a further decline in the price of crude oil which is trading at close to $ 76. Recall that the price of oil peaked at $ 85.38 (down nearly -11% from the peak). Will the cuts ease some of the pressure on inflation?

Yesterday, Feds Evans and Williams upped the hawkish heat a bit (while staying in the plan). Feds Bostic has said he expects normalization around mid-2022.
The House is due to meet and vote on Bidens’ social and climate package today after House Minority Leader McCarthy spoke for 8.5 hours, delaying the vote. The CBO released an official cost estimate Thursday afternoon, saying it would increase the federal budget deficit by $ 160 billion over 10 years. The package would be largely funded by tax increases on top incomes and businesses, estimated at nearly $ 1.5 trillion over 10 years. The vote has the votes to go through the House. He will then go to the Senate where moderate Democratic Senators Manchin and Sinema hold power.

In other markets:

  • Spot gold trades up $ 3.84 or 0.21% to $ 1,862.42
  • Cash is down three cents -0.10% to $ 24.75
  • WTI Crude Oil Futures Trade Below $ 76 and $ 75.80
  • Bitcoin is trading near $ 57,187 unchanged after falling sharply yesterday

In the US equity pre-market, Jones’ industrial average is falling sharply while the NASDAQ index is higher. The S&P Index and the NASDAQ Index closed at a record high yesterday. US financials are trending down, as are our energy stocks. Futures involve:

  • Industrial Dow Average -250 points after yesterday’s -60.10 drop
  • S&P Index -14 points after rising 15.87 points yesterday to a new record
  • NASDAQ index up 68 points after yesterday’s 72.14 point rise

On the European equity markets, the main indices are trending downward on slower concerns:

  • German DAX, -0.34%
  • CAC France, -0.8%
  • UK FTSE 100 -0.7%
  • Spanish ibex -1.6%
  • Italian FTSE MIB -1.4%

In the US debt market, yields follow the fall in oil prices:

JPY is strongest and EUR is weakest as NA trading starts

 | Business Top stories
In the European debt market, benchmark 10-year yields are also falling, with the UK 10-year down -6.8 basis points leading the way.
JPY is strongest and EUR is weakest as NA trading starts

 | Business Top stories

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JPY is strongest and EUR is weakest as NA trading starts

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