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JPY is strongest and AUD is weakest at the start of the NA session


Strongest to weakest major currencies

As the North American session begins, the JPY is strongest and the AUD is weakest. Nancy Pelosi’s trip to Taiwan as markets jitters over rising US-China tensions and fears of a Chinese military response.

As a result, stocks are down and falling in Europe and the United States. Major U.S. indices are down for the second day in a row after strong gains in July. Today AMD, Caterpillar, DuPont highlight the timing of the results. Uber surged as revenue beat despite quarterly loss. Its shares are up 14.55%. JetBlue falls as profits miss due to higher costs (-4.5%). Marriot shares are up (+2) after higher revenue and better than expected guidance.

In forex, there is a leak in the relative safety of the JPY.

US yields are trending lower. Today, US JOLT job openings are expected to drop to 11 million from 11.254 million. The data is from June, which is old, but the trends in the employment situation have deteriorated. Will this trend start showing up in job postings?

The AUD is down sharply despite the rate hike noted by the Reserve Bank of Australia. As expected, the RBA hiked rates by 50 basis points, but in the statement, the central bank changed the wording of the rate hikes saying it is now taking further steps in terms of policy normalization and non-withdrawal of monetary support. They also said policymakers may not be on a “pre-determined path” moving forward. The market reacts with the sharp downward movement of the AUD pairs.

A snapshot of other markets shows:

  • Spot gold is trading up $7.32 or 0.42% at $1778.82.
  • Spot Silver is up $0.08 or 0.43% $20.44
  • WTI Crude Oil is up $0.21 and $94.15 after a sharp decline yesterday on demand concerns
  • Bitcoin price is trading at $22,921 down slightly on the day. There is a report that Nomad, a bridge for allocating crypto tokens on different blockchains, suffered a major hack losing almost 200 million.

In the premarket for US equities, the main indices are down for the 2nd day in a row

  • The Dow Industrial Average is down -152 points after yesterday’s drop of -46.73 points
  • The S&P index is down -25 points after yesterday’s drop of -11.64 points
  • The NASDAQ index is down -95 points after yesterday’s decline of -21.71 points

In European equity markets, the German and French CAC are down while the UK and Ibex are trading above and below unchanged:

  • German DAX, -0.58%
  • CAC France -0.46%
  • UK FTSE 100 unchanged
  • Spanish ibex +0.11%
  • Italian FTSE MIB -0.71%

In the US debt market, yields are slightly lower:

  • 2 years 2.866%, -1.0 basis point
  • 5 years 2.617% -2.0 basis points
  • 10 years 2.557% -2.0 basis points
  • 30 years 2.82% -3.5 basis points

On the European debt market, yields are generally lower.

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