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

As the North American session begins, the NZD is the strongest while the USD is the weakest.

Nvidia earnings were announced after close yesterday and they beat in all regards including EPS, revenues and our guidance was also stronger. The company also announced a 10:1 stock split, and a 150% increasing dividend from $0.04 to $0.10 The earnings is lifting all boats with the NASDAQ index benefiting the most but the S&P and Dow are also all higher.

The USD is lower. Yields in the US are marginally

The PMI flash estimates for Europe were released in the European morning session. French, EU and UK flash services missed. The other 5 released BEAT expectations.

UK flash manufacturing moved from below 50.0 for the manufacturing to above 50, but the services did MISS muting the gains a bit. Note yesterday the UK CPI YoY did fall, but not as much as expected as the MoM data was higher than expectation.

Apart from EU and German flash services, all the other measures on continental Europe were below the 50 level.

Below is the summary of the data vs expectations:

• French Flash Manufacturing PMI: Actual: 46.7, Forecast: 45.8, Previous: 45.3 (BEAT)
• French Flash Services PMI: Actual: 49.4, Forecast: 51.8, Previous: 51.3 (MISSED)
• German Flash Manufacturing PMI: Actual: 45.4, Forecast: 43.4, Previous: 42.5 (BEAT)
• German Flash Services PMI: Actual: 53.9, Forecast: 53.5, Previous: 53.2 (BEAT)
• Eurozone Flash Manufacturing PMI: Actual: 47.4, Forecast: 46.2, Previous: 45.7 (BEAT)
• Eurozone Flash Services PMI: Actual: 53.3, Forecast: 53.6, Previous: 53.3 (MISSED)
• UK Flash Manufacturing PMI: Actual: 51.3, Forecast: 49.5, Previous: 49.1 (BEAT)
• UK Flash Services PMI: Actual: 52.9, Forecast: 54.7, Previous: 55.0 (MISSED)

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

• Crude oil is trading up $0.58 or 0.75% at $78.15. At this time yesterday, the price was at $78.
• Gold is trading at $11.28 or -0.47% at $2367.15.. At this time yesterday, the price was higher at $2409.43
• Silver is trading down down -$0.20 or -0.69% at $30.56. At this time yesterday, the price was at $31.55
• Bitcoin currently trades at $69944. At this time yesterday, the price was trading at $69,993.
• Ethereum is trading at $3900. At this time yesterday to price trading at $3690

In the premarket, the snapshot of the major indices indices are all higher after Nvidia’s earnings after close beat expectations all boats. The NASDAQ is up over 1.0% in premarket trading. Nvidia shares are up close to 7%.

• Dow Industrial Average futures are implying a gain of 43.96 points. Yesterday, the index fell 201.95 points or -0.51% 39671.05
• S&P futures are implying a gain of 34.74 points or 0.65%. Yesterday, the index fell -14.40 points or -0.27% at 5307.02
• Nasdaq futures are implying a gain of 207 points 1.07%. Yesterday, the index of -31.08 points or -0.18% at 16801.54

European stock indices are trading mostly higher today in the morning snapshot:

• German DAX, 0.27%
• France CAC , 0.33%
• UK FTSE 100, -0.09%
• Spain’s Ibex, +0.05%
• Italy’s FTSE MIB, +0.32% (delayed 10 minutes).

Shares in the Asian Pacific markets were mostly lower across the board:

• Japan’s Nikkei 225, 1.26%
• China’s Shanghai Composite Index, -1.33%
• Hong Kong’s Hang Seng index, -1.70%
• Australia S&P/ASX index, -0.46%

Looking at the US debt market, yields are higher:

• 2-year yield 4.873%, -0.5 basis points. At this time yesterday, the yield was at 4.871%
• 5-year yield 4.462%, -1.1 basis points. At this time yesterday, the yield was at 4.481%
• 10-year yield 4.421%, -1.2 basis points. At this time yesterday, the yield was at 4.453%
• 30-year yield 4.543%, -0.7 basis points. At this time yesterday, the yield was at 4.582%

Looking at the treasury yield curve spreads they are fairly moved more negative:

• The 2-10 year spread is at -45.1 basis points. At this time yesterday, the spread was at -42.0 basis points.
• The 2-30 year spread is at -33.0 basis points. At this time yesterday, the spread was at -29.0 basis points.

In the European debt market yields in the benchmark 10 year yields are mostly lower:

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