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PY and USD move up, while EUR and AUD, NZD break down

By Forexlive

US stocks are falling, European stocks are not far behind. Yields in the US and Europe are falling rapidly. US 10-year bonds rose to 3.203% on Monday and fell to 2.83% now.

 The Dow Jones (DJI) continued to fall for the seventh week in a row and closed down 1.02% to 31,834.11 points.

The S&P 500 (SPX) index has been down for 6 days in a row and fell 1.7% to 3,935.18 points.​

Nasdaq (IXIC) fell 3.18% to 11,364,236 points.

Bitcoin hit its lowest since June 2021, trading at $28,034 at the time of writing. The largest altcoins are losing ground following Bitcoin. Namely, Ethereum fell by 4% in 1 day, to $2.3 thousand, Binance Coin and XRP lost 8% and 9%, reaching $299 and $0.48, respectively.

According to CoinGecko, the capitalization of the cryptocurrency has fallen below $590 billion with daily trading volumes of $50 billion. The total digital asset market valuation is $1.4 trillion, it fell by 12% in a day.

Oil is holding above $100. The Fed expects to rise to 3.5% before the end of the year, thanks to a series of 50 BPS in every session this year. That is, a 75 basis point increase is probably not a priority.

• Spot gold traded down $9.52, or -0.51%, to $1,842.65.
• Spot silver shed $0.64, or -2.99%, from $20.90. This is the lowest level since July 2020.
• Crude oil traded down $1.56 to $103.80.
• Bitcoin price is trading at $28,034
• In premarket US stocks, futures imply lower levels for a 5-day decline at 6:

European stock markets:

• British FTSE 100 -2.2%
• German DAX -2.34%
• CAC of France -2.5%
• FTSE MIB Italy -1.8%
• Capricorn of Spain -1.9%
• U.S. debt yields tumble after yesterday’s up and down day
• 2 years 2.575%, -5.3 basis points. High yield reached 2.67%
• 5 years 2.802%, -7.5 basis points. High yield reached 2.899%
• 10 years 2.833%, -8.0 basis points. High yield today reached 2.91%
• 30 years 2.985% -5.7 basis points. High yield reached 3.056%

In the European debt market, benchmark 10-year yields also collapsed, with double-digit declines across the board and significantly  below daily highs.