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

Happy Easter Monday.

It is a holiday in Europe in observance of Easter Monday. So the price action is very limited. The US markets will be open, however inclusive of futures, stocks and bonds.

The economic calendar is highlighted by the ISM PMI data which will be released at 10 AM ET. THe US Manufacturing PMI is expected to come in at 48.5 vs 47.8 last. The price index is forecast at 53.3 vs 52.3 last month.

The S&P/Global version for PMI will be released at 9:45 PM. The flash estimate was at 52.5 and is expected to remain at that level.

The US construction spending will be released at 10 AM ET with a gain of 0.7% vs -0.2% last month.

To start the trading day, the USD is the strongest and the NZD is the weakest.

US stocks are mixed. Gold is higher. US yields are mixed with the longer end higher after the PCE data on Friday came in as expected, but the Fed officials started to dialing back some of the hopes for a summer cut (and series of cuts) a bit.

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

• Crude oil is trading down $0.29 or -0.35% at $82.88. At this time Thursday, the price was at $82.44
• Gold is trading up $17.26 or 0.78% at $2250.94. At this time Thursday, the price was at $2214.05
• Silver is trading up eight cents or 0.35% at $25.05. At this time Thursday, the price was at $24.57
• Bitcoin currently trades at $69793. At this time Thursday, the price was trading at $70,417

In the premarket, the major indices are trading lower today. On Thursday, the S&P closed at a new record high. The NASDAQ index fell modestly –

• Dow Industrial Average futures are implying a decline of -1 points. On Thursday the index rose 47.29 points or 0.12% at 39807.38
• S&P futures are implying a gain of 4.25 points. On Thursday, the index rose 5.86 points or 0.11% at 5254.34. That was a record high close
• Nasdaq futures are implying a gain of 37 points. On Thursday, the index – 20.06 points or -0.12% at 16379.46

In the European equity markets, are closed today. On Thursday, the major indices were mixed

• German DAX, rose 0.08% at 18492.50
• France CAC , rose 0.01% at 8205.1
• UK FTSE 100, rose 0.26% at 952.63
• Spain’s Ibex, -0.33%@11074.59
• Italy’s FTSE MIB, -0.03% at 34750.35

Shares in the Asian Pacific markets were mostly higher:

• Japan’s Nikkei 225, -1.40%
• China’s Shanghai Composite Index, +1.19%
• Hong Kong’s Hang Seng index, closed
• Australia S&P/ASX index, closed

Looking at the US debt market, yields are lower:

• 2-year yield 4.622%, -1.0 basis points. At this time Thursday, the yield was at 4.622%
• 5-year yield 4.237%, +1.8 basis points. At this time Thursday, the yield was at 4.227%
• 10-year yield 4.238%, +3.2 basis points. At this time Thursday, the yield was at 4.218%
• 30-year yield 4.398%, +4.9 basis points. At this time Thursday, the yield was at 4.365%

Looking at the treasury yield curve spreads:

• The 2-10 year spread is at – 37.8 basis points. At this time Thursday, the spread was at -40.0 basis points
• The 2-30 year spread is at -22.3 basis points. At this time Thursday, the spread was at -20.2 basis points

European benchmark debt markets are closed

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