The JPY is the strongest and the EUR is the weakest as the NA session begins | Forexlive
The JPY is the strongest and the EUR is the weakest as the NA session begins. The USD is also moving higher as the banking focus shifts more to Europe and more specifically Deutsche Bank. The shares of DB are trading down -13.83% in trading today. BNP Paribas is down -6.92%, Societe Generale is down -6.94%. Credit default swaps of Deutsche Bank soared as well indicative of stress on the debt of the bank. The European banking index is down -5%.
In the US, shares of First Republic, the poster child in the US now, is trading at $11.84 in premarket trading after closing yesterday at $12.53. The KRE ETF of regional banks is trading down to $41.30 after settling at $42.23 (-2.20%). J.P. Morgan is trading down -2.16%. Bank of America is trading down -2.48% and Citigroup is down -2.88%.
US stocks and European stocks are lower as a result. Yields are lower as well. The USD is higher as investors push flows not only into the relative safety of the JPY, but also into the USD.
A snapshot of the markets currently shows:
- spot gold is trading up $2.17 or 0.11% $1994.92
- spot silver is up $0.16 or 0.72% $23.20
- WTI crude oil is trading down $2.71 at $67.27
- Bitcoin is trading at $27,742. The low price today reached $27,460. On Wednesday, the digital currency reached the cycle high $28,936 (highest level since June 2022)
In the premarket for US stocks, shares are sharply lower after yesterday’s moves higher
- Dow industrial average -359 points after yesterday 75.14 point rise
- S&P index -41 points after yesterday’s 11.73 point rise
- NASDAQ index -93 points after yesterday’s 117.44 point rise
in the European equity markets, the major indices are getting hit hard:
- German DAX -2.46%
- Frances CAC -2.33%
- UK’s FTSE 100 -1.82%
- Spain’s Ibex -2.64%
in the US debt market, yields a sharply lower once again:
- two year 3.584% -22 basis points
- five year 3.257% -15.8 basis points
- 10 year 3.294% -10.9 basis points
- 30 year 3.610% -7.2 basis points
in the European debt market, benchmark 10 year yields are down sharply with Germany down -16.6 basis points and UK down -20.3 basis points: