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

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

<p>The USD is the strongest and the JPY is the weakest as traders (some traders) in the US return from the Thanksgiving holiday with a drinking and/or eating hangover. Oh the pain.  Today the US stock market will close early at 1 PM ET. The bond market will go until 2 PM.  England vs US starts at 7 PM GMT, or 2 PM in ET. </p><p>There are no economic releases on the US or Canada calendars today. In German today the GDP for the 3Q came in at 0.4% vs 0.3% estimated. The GfK consumer sentiment meanwhile improved - that's the good news - but to -40.2 from -41.9 last month. That is surfing the lowest levels. The German 2-10 year spread (-26 bp yesterday) is at the most inverted in decades, which is the same for the US 2-10 year spread (-77 bps). </p><p>China cut their reserve requirement ratio in an attempt to open up the lending spigots in the banking sector. Covid remains an issue with Covid cases rising to a new record, but oil prices are higher today with the January contract trading at $79.50 area up over 2% on the day. It traded as low as $76.85 on Wednesday and $75.30 on Monday. That was the lowest level since the start of the year.  </p><p>A look at other markets today shows:</p><ul><li>Spot gold is trading down $3.40 or -0.20% at $1750.96</li><li>spot silver is trading down $0.23 or -1.07% at $21.27</li><li>WTI crude oil is trading at $79.59 that's down 2.12%</li><li>The price of bitcoin is trading steady at $16,505. The low price reached $16,339. The high price extended to $60,604. The low price from Monday's trade reached $15,479 which was the lowest level since mid November 2020.</li></ul><p>Looking at the premarket for US stocks, the major indices are trading mixed with the NASDAQ index lower and the S&P and Dow industrial average are higher.</p><ul><li>Dow industrial average up 60 points after Wednesday's gain of 95.96 points</li><li>S&P index is trading up 3.5 points after Wednesday's a gain of 23.70 points</li><li>NASDAQ index is down 30 points after Wednesday's 110.91 point rise</li></ul><p>The major indices are up for two consecutive days coming into today's trading.</p><p>In Europe, the major indices are mixed:</p><ul><li>German Dax, -0.07%</li><li>Frances CAC, +0.09%</li><li>UK's FTSE 100 +0.23%</li><li>Spain's Ibex +0.05%</li><li>Italy's FTSe MIB +0.08%</li></ul><p>in the US debt market, yields are mostly higher:</p><ul><li>two year 4.489%, +0.7 basis points</li><li>five year 3.909%, +1.2 basis points</li><li>10 year 3.716% +0.7 basis points</li><li>30 year 3.748% +0.7 basis points</li></ul><p>in the European, that benchmark 10 year yields are higher across the board. As mentioned above the two - 10 year spread in Germany is at its most inverted in decades:</p>

                This article was written by Greg Michalowski at forexlive.com.

Source: The USD is the strongest and the JPY is the weakest as the NA session begins

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