The GBP is the strongest and the USD is the weakest as the North American session begins. The vote of confidence for UK PM Johnson will be held between 1 PM ET and 3 PM ET. The expectations are that he will make it through the party vote.
Meanwhile the USD is weaker to start the week. The US stock indices are higher the day after the jobs report that saw 390K new jobs and a down, but up and down week for the major indices. This week on Friday, the US CPI will be released and is the big release for the US this week.
Crude oil is near unchanged on the day after rising to above $120 in overnight trading as Saudi Arabia raised its official selling price higher than expected signaling a shortage of supply.
Bond yields in the US are higher. European indices are higher.
A snapshot of the markets ahead of the jobs data are showing:
- Spot gold is trading up $5.20 or 0.29% at $1856.09
- Spot silver is up $0.49 or 2.27% at $22.40
- WTI crude oil is trading near unchanged at $118.88
- Bitcoin is trading up 4.7% at $31,395
In the premarket for US stocks, the futures markets are implying a higher opening. Last week the major indices close lower and were down 3 or 4 trading days, but still remained above shorter-term 200 hour moving averages. That keeps the buyers still in play from a technical perspective and with short-term control
- Dow is trading up 281 points after Friday’s -348.58 point decline
- S&P index is up 47 points after Friday’s -68.26 point decline
- NASDAQ index is up 198 points after Friday’s -304.16 point decline
In Europe: the major indices are higher with solid gains across the board
- German DAX up 173 points or 1.2% at 14633.87
- France’s CAC up 81 points or 1.25% 6566.29
- UK’s FTSE 100 is up 98.41 points or 1.31% at 7631.40
- Spain’s Ibex is up 104 points or 1.2% at 8830
- Italy’s FTSE MIB is trading up 326 points or 1.3% that 24493
The US debt market this morning, yields are moving modestly higher.
- 2 year 2.693%, +2.8 basis points
- 5 year 2.971%, +2.0 basis points
- 10 year 2.969%, +1.5 basis points
- 30 year 3.13%, +1.7 basis points
In the European debt market, the benchmark yields are mostly lower with the exception of the UK