The CHF is the strongest and the EUR is the weakest as NA trader enter for the day. The USD is is mixed with modest declines vs the CHF, CAD, AUD and NZD and gains vs the EUR, GBP and JPY. Today we will get some Fedspeak after the hiatus leading into and immediately following the FOMC rate hike on Wednesday. Fed's Bowman, Evans and Barkin will explain themselves to the market. Fed's Waller will also speak on CNBC momentarily. Fed's Bullard who voted for 50 BP hike and also wanted to raise rates to 3.0% by the end of 2022 (now that is Volker-esque), had his first say in a note he penned (see Adam's post here).
Stocks are lower in pre-market trading. Yesterday the major indices closed above their 200 hour MAs for the first time in a while. It would be disappointing for a move below the MA levels today to end the week. The S&P (at 4356) and Dow (at 34011) are still above the respective MAs in pre-market trading, but the Nasdaq has dipped back below it's MA (assuming it opens where it is trading now) at 13547.44. Be aware.
Biden is to talk to Xi on Russian aggression and warns of helping Russia get through sanctions. The EU said they have evidence of dialogue on cooperation between the two countries.
Russia met bond obligations at least for now which is a good thing.
China's Xi announced a pivot in regard to Covid suppression. They will be more tolerant ("maximum prevention" with the "least cost").
The Hong Kong Hang Seng index fell -0.41%. The Shanghai composite index rose 1.12%.
US stocks are set open lower. US yields are lower. Gold is down modestly. Oil is up modestly.
A snapshot of the markets are showing:
Spot gold is down five dollars or -0.27% at $1937.57
Spot silver is down nine cents or -0.36% $25.21
WTI crude oil futures are trading at $103.22 after settling at $102.98 yesterday
bitcoin is trading at $40,489. It was trading around $40,700 near 5 PM yesterday
In the premarket for US stocks, the major indices are lower. Nevertheless the major indices are expected to close higher for the week due to a solid three day run:
Dow industrial average -200 the points after yesterday's 417.66 point rise
S&P index -32 points after yesterday's 53.81 point rise
NASDAQ index down -118 points after yesterday's 178.23 point rise
In the European equity markets, the major indices are lower:
German Dax -1.7%
France's CAC -1.5%
UK's FTSE 100 -0.6%
Spain's Ibex, -1%
Italy's FTSE MIB -1%
In the US debt market, yields are lower with the two – 10 year spread down a pip at 24.3 basis points. The two – 10 year spread reached a low of around 19 basis points, before rebounding back higher yesterday. That was the lowest since March 2020 at the start of the pandemic (it reached around eight basis points at that time). A negative curve often precludes a recession.
In the European debt market, the benchmark 10 year yields are also trading to the downside.
A currency that's stronger than another means it requires less of that currency to purchase the same good or service. The opposite is true for weaker currencies.
What Is the Weakest Currency in the World? The weakest currency in the world is the Iranian rial (IRR). The USD to IRR operational rate of exchange is 371,992, meaning that one U.S. dollar equals 371,922 Iranian rials.
The Kuwaiti dinar continues to remain the highest currency in the world, owing to Kuwait's economic stability. The country's economy primarily relies on oil exports because it has one of the world's largest reserves. You should also be aware that Kuwait does not impose taxes on people working there.
The Kuwaiti dinar is the strongest currency in the world, with 1 dinar buying 3.26 dollars (or, put another way, $1 equals 0.31 Kuwaiti dinar). Kuwait is located on the Persian Gulf between Saudi Arabia and Iraq, and the country earns much of its wealth as a leading global exporter of oil.
As a country with significant oil reserves, Oman's economy heavily relies on the oil sector. The Omani Rial, which is tied to the US dollar, is the third most valuable currency in the world.
Japan continues to be a popular choice, but Vietnam and South Korea stand as solid alternatives among numerous countries in Asia with favorable exchange rates for the US dollar. Closely following in value are South American countries: Argentina and Chile are among those offering the biggest luxury bang.
1. Iranian Rial (IRR) The Iranian rial is the weakest currency in the world, with 1 rial buying a mere 0.000024 dollar (or, put another way, $1 equals 42,300 Iranian rials).
Japan continues to be a popular choice, but Vietnam and South Korea stand as solid alternatives among numerous countries in Asia with favourable exchange rates for the US dollar. Closely following in value are South American countries: Argentina and Chile are among those offering the biggest luxury bang.
The yen has lost 10% of its value against the greenback so far this year, after sliding 8% in 2023, according to Refinitiv data. It's the worst performing currency among the Group of 10 leading industrialized nations in 2024.
A currency's strength is determined by the interaction of a variety of local and international factors such as the demand and supply in the foreign exchange markets; the interest rates of the central bank; the inflation and growth in the domestic economy; and the country's balance of trade.
A weak currency may help a country's exports gain market share when its goods are less expensive compared to goods priced in stronger currencies. The increase in sales may boost economic growth and jobs while increasing profits for companies that are conducting business in foreign markets.
Through mid-April, the dollar is up 3.4% against the euro, Europe's common currency. It costs less than $1.07 to convert to one euro. By comparison, at the end of 2023, it cost more than $1.10 to convert to one euro. Calculated based on data from the Board of Governors of the Federal Reserve System.
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