The USD is mixed today with the greenback lower vs the EUR, GBP, CAD, AUD and NZD and higher vs the JPY and CHF. The biggest movers are the AUD (USD -0.53%) and the NZD (USD -0.57%).
Yesterday, the USD was mostly lower after the market reacted to a report that Trump tariffs would be less than expectations. IN Canada, Justin Trudeau announced he would be stepping down, suspending Parliament pending nationwide party election.
USD/JPY rose to its highest since the middle of July 2024, hitting just over 158.40, before Japanese finance minister Kato weighed in with some verbal intervention to support the yen. Kato emphasised that the government is alarmed by sharp, one-sided moves in the foreign exchange market, particularly those driven by speculators, and is prepared to take action against excessive volatility.
The video above outlines the key technicals driving the EURUSD, USDJPY and GBPUSD to start the US trading day.
US stocks are mixed to higher. The S&P and Dow futures are implying modestly higher levels as traders enter for the day. The Nasdaq is lagging with the index trading above and below unchanged.
A snapshot at 7:xx of the levels implied by futures shows:
- Dow Industrial Average up 90 points
- S&P up 7.8 points
- Nasdaq up 3.5 points
A snapshot of the European shares are showing:
- German DAX +0.57%
- France’s CAC +0.73%
- UK’s FTSE 100 -0.17%
- Spain’s Ibex +0.47%
- Italy’s FTSE MIB +0.26%
Late yesterday, at the CES tech conference in Las Vegas, Nvidia CEO Jensen Huang announced that the company’s Blackwell AI chips are now in full production, positioning them to fuel future earnings as tech giants increase investments in AI-driven data centers. Huang also introduced the RTX 50 series GPUs, which boast double the performance of their RTX 40 predecessors and leverage AI to enhance graphics processing. Additionally, he revealed Nvidia’s Cosmos foundation models, which generate hyper-realistic video to train robots and self-driving cars more cost-effectively than traditional data methods.
Shares of Nvidia closed at record levels and are trading up $4.20 or 2.80% at $153.58 currently (7:20 AM ET). That is above the prior high intraday level at $152.89.
In the US debt market, the yields are higher:
- 2-year 4.276%, +0.7 basis points.
- 5–year 4.434%, +1.4 basis points.
- 10-year 4.640%, +2.4 basis points.
- 30-year 4.867%, +3.0 basis points
In other markets:
- Crude oil is trading up $0.49 or 0.67% at $74.05
- Gold is trading up $15 or 0.57% at $2650.90
- Silver is up $0.27 or 0.86% at $30.19
- Bitcoin is trading at $100,721 down $1589 or -1.52%. The price is near the low for the day at $100,498. The high price reached $102,760 before rotating to the downside
Fundamentally, in Europe today the data was mixed vs expectations with EU CPI both headline and core coming in as expected. CHF CPI remains contained at -0.1% MoM and 0.6% YoY.
- UK Halifax HPI m/m (GBP): Actual -0.2%, Forecast 0.8% – LOWER
- CHF CPI m/m (CHF): Actual -0.1%, Forecast -0.1% – MET. YoY 0.6%
- French Prelim CPI m/m (EUR): Actual 0.2%, Forecast 0.3% – LOWER
- Construction PMI (GBP): Actual 53.3, Forecast 54.3 – LOWER
- EU Core CPI Flash Estimate y/y (EUR): Actual 2.7%, Forecast 2.7% – MET
- EU CPI Flash Estimate y/y (EUR): Actual 2.4%, Forecast 2.4% – MET
- EU Unemployment Rate (EUR): Actual 6.3%, Forecast 6.3% – MET
Looking at the economic data in the US and Canada today:
- US International Trade $ (Nov): Foecast -78.0B, Prelim-73.8B
- US Goods Trade Balance (R) (Nov): Forecast-102.8B, Prelim -98.6B
- CAD Trade Balance C$ (Nov): Forecast -0.90B, Prelim -0.92B
- CAD Exports C$ (Nov): Prior 64.22B
- CAD Imports C$ (Nov): Prior 65.14B
- US ISM Non-Mfg PMI (Dec): Forecast 53.3, Prior 52.1
- ISM Non-Mfg Business Activity (Dec): Prior 53.7
- ISM Non-Mfg Employment Index (Dec): Prior 53.5
- ISM Non-Mfg New Orders Index (Dec): Prio 53.7
- ISM Non-Mfg Price Paid Index (Dec): Prior 58.2
- JOLTS Job Openings (Nov): Forecast 7.770M, Prior 7.744M
- Ivey PMI (Dec): Prior 49.7
The kickstart video
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