The CHF is the strongest and the NZD is the weakest as the NA session begins | Forexlive
As the North American session begins, the CHF is the strongest and the NZD is the weakest. The USD is mostly stronger after a few days of declines.
The US elections are showing the House is likely to switch from Dem to GOP, but the Senate is still up for grabs with 5 states too close to call. Overall it was not the red wave that the GOP had hoped. If Congress is fragmented it would likely gridlock the government, but it may lead to more bipartisan cooperation too (hope springs eternal). In any case, the extraordinary stimulus train has left the station. The fallout from too much fiscal and central bank intervention is being felt now (higher inflation with headaches from unwinding a potential big problem). Nevertheless, according to some, a split congress is traditionally good for stocks. It might not be so easy.
Meta announced 11K decline in staff (up around $5). Disney streaming service and guidance disappoints (shares down -$7.33) US stocks are lower in pre-market trading.
US yields are little changed in early trading. Crude oil is lower. The private oil inventory data showed a surprise 5.6M build in inventories (exp +1.36M today from the EIA). Gold is lower after surging past $1700 yesterday. Digital currencies area lower after the crypto exchange FTX crumble yesterday and sent Bitcoin and other digital currencies lower.
Feds Barkin and Williams are both expected to speak today. Getting their views on policy and the economy after the FOMC 75 BP hike will be of interest. The US treasury will auction off 10 year notes at 1 PM ET
In other markets:
- Spot gold is trading down $4.36 or -0.28% and $1707.69
- Spot silver is trading down $0.05 or -0.22% and $21.26
- WTI crude oil is trading at $88.06 down $0.59 from the settle price yesterday
- bitcoin is trading at $17,630. That’s down $120 on the day. The digital talkin token FTT is trading at $4.12 that’s down 24.13% on the day after tumbling from near $22 just 2 days ago and $26 on November 1
In the premarket for US stocks, the major indices are marginally lower after 3 straight days of gains
- Dow industrial average is down -90 points after yesterdays 333.23 point rise
- S&P index is down -5 points after yesterdays 21.31 point rise
- NASDAQ index is down -10 points after yesterdays 51.68 point rise
in the European equity markets, the major indices are mostly lower:
- German DAX, -0.5%
- France’s CAC, -0.23%
- UK’s FTSE 100 -0.24%
- Spain’s Ibex +0.23%
- Italy’s FTSE 100 unchanged
in the US debt market, yields are marginally higher/unchanged ahead of the 10 year note auction at 1 PM ET:
- 2 year 4.674%, unchanged
- 5 year 4.315%, +0.7 basis points
- 10 year 4.144%, +1.7 basis points
- 30 year 4.282% +2.0 response
in the European debt market, the benchmark 10 year yields are mostly lower: