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

Forex

The strongest to weakest of the major currencies

As US traders return from the President’s Day holiday on Monday (stocks and bonds were closed), the NZD is the strongest and the CHF is the weakest.

The move in the forex is not exactly a risk off variety. The CHF tends to be a safe haven. It is the weakest. The EUR is mostly higher despite the increased tension. It fell modestly in an up and down day yesterday. In NZ the RBNZ are expected to raise rates for the 3rd time in succession to 1.00% from 0.75%. That decision will be made at 8 PM ET.

The Russian news has died down a bit as the market adjusts to what is next after Russia recognized the independence of two separatist regions. The Ukraine president said today that he does not expect a military invasion. Europe is proposing a four part sanctions plan. Germany said they would reassess Nordstream 2 pipeline. US sanctions will be announced later today.

  • The US stocks are down but taking the news in stride and off the premarket lows overnight.
  • US yields saw the 10 year move to 1.846% overnight, but are back up near 1.94% currently.
  • Crude oil is higher vs Friday but trading below the high from last week at $95.82
  • Spot gold is down after rising modestly yesterday

The snapshot of markets are showing:

  • Spot gold is trading down $-5.09 or -0.27% at $1898.50
  • Spot silver is trading up $0.13 or 0.54% at $24.03
  • WTI crude oil is trading up to dollars and $0.63 and $92.85
  • bitcoin is trading at $37,522 after falling sharply over the weekend

In the premarket for US stocks:

  • Dow is down -48.18 points after Friday’s -232.85 point decline
  • S&P is down -2.87 points after Friday’s -31.38 point decline
  • Nasdaq is down-64.29 points after Friday’s -168.65 point decline

In the European stock market, the major indices are making a come back

  • German Dax, unchanged
  • France’s CAC, +0.10%
  • UKs FTSE 100, +0.25%
  • Spain’s Ibex, +0.20%
  • Italy’s FTSE MIB-0.30

In the US debt market, yields have rebounded back higher with the two year now at 1.530% after trading as low as 1.429%. The 10 year traded as low as 1.846% and is back at 1.951% currently.

Yesterday Fed’s Bowman said that “forceful action” is needed which may tilt her in favor of a 50 BP hike in March..

US yields

US yields are back higher on the day after earlier fall

In the European debt market, the benchmark 10 year yields are also higher after trading lower earlier.

Europe yields

European yields are higher

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