The GBP is the strongest and the CHF is the weakest as the NA session begins | Forexlive

As the North American session begins the GBP is the strongest and the CHF is the weakest. The UK new Prime Minister Sunak was formally sworn in to become the youngest and first Prime Minister of color, officially ending the term of Liz Truss who was the Prime Minister for the shortest length of time on record (49 days from the start to today). The markets are seemingly approving of the new prime minister. UK 10 year yields traded to the lowest level since September 23 at 3.629%. The high yield reached 4.632% – 100 basis points higher – on October 12, 2022. UK stocks are still lower. Sunak promised to get the country through this period of “profound economic crisis”.

The USD snapshot shows a net 0.00% change summing the daily changes of the major currencies vs. the US dollar. The biggest mover is vs the USDs decline vs the GBP at -0.32% the biggest gainer for the USD is vs. the CHF and CAD with a gains of 0.21% and 0.18% respectively.

The ranges for the major currencies vs the USD are relatively modest in comparison to the 22 day averages. The EURUSD only has a 50 pip trading range vs. a 122 pips average over the last 22 days of trading (around a month). The AUDUSD range is only 46 pips. All the major currencies are less than 50% of the normal range. There is room to roam on a break today.

US stocks are lower in premarket trading after 2 days of gains led by the Dow stocks. General Motors, UPS, Raytheon and 3M announced higher than expected earnings-per-share with lower than expected revenues. GE had lower EPS and higher revenues. Coca-Cola, Archer Daniels Midland and Sherwin-Williams beat on both the top and bottom lines.

The big earnings releases come this afternoon after the close when Microsoft, Alphabet , Visa and Texas Instruments all report. Meta will report tomorrow and Apple and Amazon will report on Thursday after the close.

Looking at the markets, the morning snapshot shows:

Spot gold is trading down $7.50 or -0.45% at $1642.25
spot silveris trading down $0.35 or -1.77% at $18.88
WTI crude oil is trading at $83.58 down $1 or -1.18%
Bitcoin is trading at $19,300 near unchanged on the day

in the premarket for US stocks,:

Dow industrial average is trading down -180 points after yesterdays 417.06 point rise
S&P index is down -17.5 points after yesterdays 44.59 point rise
NASDAQ index is trading down -20 points after yesterdays 92.9 point rise

in the European equity markets, the major indices are trading mixed: