The US stocks are lower and yields are littel changed in early trading
As the US/China trade talks start in earnest today (it may be the only day, but that is certainly a point of debate). the NZD is the strongest of the major currencies. The NZD was one of the strongest of the day at this time yesterday, but gave up the gains in the day and ended mixed. The USD is the weakest in the morning snapshot.
There was a lot of volatility in the markets – especially in the JPY pairs – as the market reactied to the headlines of a 1 day meeting, to a two day meeting as planned, to the US was looking to make a currency agreement, etc. The JPY pairs are trading near highs which is typically a more optimistic reading by the market.
Overall, there is market volatility in the major currency paiirs today.
In other markets:
- Spot gold is up $2.26 or 0.15% at $1507.83
- The WTI crude oil futures are up $0.45 or 0.86% at $53.04
The US stocks in pre-market are not all that confident but the moves are contained (to the downside).
- Dow, -55 points
- S&P, -5.5 points
- Nasdaq, -14.5 points
In the European markets, the major indices are mixed
- German DAX, -0.1%
- France’s CAC, +0.2%
- UK’s FTSE, unchanged
- Spain’s Ibex, +0.25%
- Italy’s FTSE MIB, unchanged
in the US debt market yields are mixed/little changed. The yield curve is steepened to 13.65 basis points from 11.79 basis points in the 2sversus 10s spread:
In the European debt market, the yields are tracking higher with the German 10 year up 3.0 basis points and the UK yield up 4.2 basis points.