Technical Analysis

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

The USD is marginally higher/mixed after yesterday’s declines

The NZD is the strongest and the JPY is the weakest as the NA session begins. The USD is mixed to higher erasing some of the declines seen in yesterday’s trading where the greenback was the weakest of the majors.  US stocks have also recovered some of their losses from yesterday when the Nasdaq shed -311.21 points with Facebook leading the way lower. The index is up about 69 points in premarket trading. US yields are marginally higher. Crude oil continues its run higher as OPEC+ kept the step up production gains per month at 400K during yesterday’s meeting as they see demand slowing in the new year. The European energy anxiety continues to haunt the natural gas market as prices continue to rise.  Evergrande and now Fantasia are now both default worries in the China markets (and increase the wall of worry globally on China slowing fears).  US and Canada trade balance and US services PMI will be on tap economically today. 

In other markets:

  • Spot gold is trading down $-11.40 or -0.64% at $1758.56
  • Spot silver is down down $0.13 -0.57% $22.55
  • WTI crude oil futures are trading higher by $0.91 or 1.17% at $78.51
  • The price of bitcoin is trading higher and traded back above the $50,000 level today (high reached $50,400). The current price is trading up by $724 or 1.47% at $49,969.63

In the US stock market, the premarket futures are rebounding modestly higher from yesterday’s sharp declines

  • Dow is up 162 points after yesterday’s -323.54 point decline
  • S&P index is trading up 21 points after yesterday’s -56.58 point decline
  • NASDAQ index is trading up 69 points after yesterday’s -311.21 point decline

In the European equity markets, the major indices are also trading higher:

  • German DAX +0.4%
  • France’s CAC +0.9%
  • UK’s FTSE 100 +0.7%
  • Spain’s Ibex +0.6%
  • Italy’s FTSE MIB +1.2%

In the US debt market, the yields are marginally higher after yesterday’s modest gains. The yields moved higher yesterday despite the sharp fall in the stock market.

US yields are higher
European debt market, the benchmark 10 year yields are moving mostly to the downside with the exception of the UK 10 year yield which is up 1.8 basis points.

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