The strongest to the weakest of the major currencies
The CHF is the strongest and the AUD is the weakest as the North American session begins. The USD is mixed with gains in the GBP, JPY, CAD, AUD (the biggest mover with the USD up 0.22%) and the NZD. The EUR and the CHF is lower modestly.
Yesterday Fed Chair Powell made comments suggesting that the U.S. central bank might need to take more action to bring inflation down to its 2% target. Speaking at an IMF event in Washington D.C., Powell mentioned that while there has been some relief in price pressures recently, the FOMC is still committed to pursuing a “sufficiently restrictive” policy stance. He indicated uncertainty about achieving that stance and hinted at the possibility of further interest rate hikes. This stance contrasted with market expectations that the Fed might have completed its tightening measures, as it had left the Fed funds rate unchanged at 5.25% to 5.50% in its most recent meeting. Powell’s comments raised questions about the future direction of Fed policy and its impact on financial markets. US yields moved sharply higher, and the border stock indices snapped their gain streaks (NASDAQ was up 9 straight days, and the S&P was up 8 straight days).
Tomorrow in the US is Veterans Day where we honor all military personnel who served in the Armed Forces. Today is a day of observance at some banks and government offices. I personally honor current military personnel as well in my heart. My thanks and gratitude go to all veterans today (in the US and beyond our borders) who fight for freedom, for the oppressed, the attacked, and the marginalized. Although the US stock and bond markets are open, market activity may be a bit more limited especially later in the day.
On the economic calendar today:
10:00 am:
- FOMC Member Logan Speaks (USD)
- Prelim UoM Consumer Sentiment (USD). Estimate 63.7 vs 63.8 last month
- Prelim UoM Inflation Expectations (USD). Last month 4.2%
- German Buba President Nagel Speaks (EUR)
10:20 am:
- German Buba President Nagel speaks
A snapshot of the markets as the NA session gets underway shows:
- Crude oil is trading up $0.99 or 1.31% at $76.74. At this time yesterday, the price was trading at $75.98. For the trading week the price is down -4.78%.
- Spot gold is trading down $12.17 -0.62% at $1946.20. At this time yesterday, he price was trading marginally lower at $1945.52. For the week the price is down -2.23%
- Spot silver is trading down $0.11 or -0.53% at $22.51. At this time yesterday, the price was trading at the same level of $22.51. For the week the price is down -2.96%
- Bitcoin is trading sharply higher at $37,103. Yesterday the price extended up to $37,978 (the highest level since May). At time yesterday, the price was trading at $36,890. For the week the price is 6.1%
