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


As the NA session the strongest to the weakest of majors

As the North American session begins, the JPY is the strongest and the CHF is the weakest. The USD is mixed to modestly lower with the USDs decline vs the JPY the weakest (-0.34%). The EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD are all with 0.10% of the previous day's close in the morning snapshot.

The USDJPY moved to the highest level going back the 1990 earlier today with the price extending above the 2022 high at 151.945 to a high of 151.967. However, the break did NOT lead to increased upside momentum, and the price reversed lower in the European morning session. The price is now back below the 100 hour MA at 151.428. The price on Monday and Tuesday did trade above and below that MA too, but could not extend back toward the high ceiling area from February and into early March (see chart below).

USDJPY back below 100 hour MA after new high going to 1990

The USDCHF continued its run to the upside and in the process moved away from the 38.2% of the move down from the November 2022 high. That level comes in at 0.90254. The low price today reached 0.90316 before moving higher. The price is trading near high at 0.9069 now. The next target area is 0.9118 and 0.91469.

USDCHF is moving away from its 38.2% retracement

A snapshot of the other markets as the North American session begins currently shows:

  • Crude oil is trading down -$0.35 or -0.43% at $81.27. At this time yesterday, the price was at $82.15
  • Gold is trading up $11.03 or 0.50% at $2189.20. At this time yesterday, the price was at $2196.45
  • Silver is trading up $0.10 or 0.43% at $24.54. At this time yesterday, the price was at $24.87
  • Bitcoin currently trades at $70.2055. The low price yesterday reached $70,700. At this time yesterday, the price was trading at $67,025. The all-time high price reached last week reached $73,794. The high price today reached $66,631.

In the premarket, the major indices are trading lower today after all three indices closed at record levels yesterday (again):

  • Dow Industrial Average futures are implying a gain of 179.25 points. Yesterday the index fell -31.31 points or -0.08% at 39282.34
  • S&P futures are implying a gain of 23.42 points yesterday, the index fell -14.61 points or -0.28% at 5203.57
  • Nasdaq futures are implying a gain of 92.46 points. Yesterday, the index fell -68.77 points or -0.42% at 16315.70

In the European equity markets, the major indices are trading mostly higher.

  • German DAX, +0.47%
  • France CAC , +0.29%
  • UK FTSE 100, -0.25%
  • Spain's Ibex, +0.62%
  • Italy's FTSE MIB, +0.10% (delayed by 10 minutes).

Shares in the Asian Pacific markets were mostly higher:

  • Japan's Nikkei 225, +0.90%
  • China's Shanghai Composite Index, -1.26%
  • Hong Kong's Hang Seng index, -1.36%
  • Australia S&P/ASX index, +0.51%

Looking at the US debt market, yields are lower:

  • 2-year yield 4.586%, -1.0 basis points. At this time yesterday, the yield was at 4.599%.
  • 5-year yield 4.214%, -1.2 basis points. At this time yesterday, the yield was at 4.232%.
  • 10-year yield 4.221%, -1.0 basis points. At this time yesterday, the yield was at 4.241%.
  • 30-year yield 4.387% -1.3 basis points. At this time yesterday, the yield was at 4.402%

Looking at the treasury yield curve spreads:

  • The 2-10 year spread is at – 36.7 basis points. At this time yesterday, the spread was at -35.8 basis points
  • The 2-30 year spread is at – 20.2 basis points. At this time yesterday, the spread was at – 19.6 basis points

European benchmark 10-year yields are lower:

European 10 year yields



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