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

The AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term is the strongest ahead of their interest rate decision which will be release on Tuesday with expectations of a 50 bp hike to 1.85%. The USD is the weakest. Last week the Federal Reserve Federal Reserve The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the The Federal Reserve System, more commonly known as the Fed, represents the central banking system of the United States. Like other central banks globally, the Fed is responsible for monetary policy, in this case in the US.The Fed is one of the most watched and followed entities for forex traders, given its material impact on the US dollar. Founded initially in 1913, the Fed was created to perform a wide range of functions. This includes stabilizing and maintaining flexible monetary policy in the Read this Term raised rates by 75 bps as expected.

Over the weekend China PMI came out weaker than expected. The European stock markets have shrugged off the weaker PMI data. The US PMI (Markit) and ISM data will be released at 9:45 AM and 10 AM ET respectively (52.3 expected for both). Construction spending will also be released at 10 AM with expectations of 0.3% vs -0.1% last month. Canada is off in observance of Civic Day.

A look around the markets shows:

• spot gold is up $6.30 or 0.36% at $1771.69.
• Spot silver is up $0.11 or 0.52% at $20.42.
• WTI crude oil is trading down $-3.44 and $95.18
• The price bitcoin is trading at $23,206. Putting things into perspective bitcoin at around 5 PM on Friday was a hair below the $24,000 level

In the premarket for US stocks, the major indices are trading modestly lower after Friday's gains and stellar month for July:

• Dow industrial average is down -36 points after Friday's 315.5 point rise
• S&P index is is down -10.5 points after Friday's 57.86 point rise
• NASDAQ index is down -22 points after Friday's 228.09 point rise

In the European equity markets the major indices are higher with the exception of the Spain's Ibex

• German DAX, +0.52%
• France's CAC +0.39%
• UK's FTSE 100 +0.5%
• Spain's Ibex -0.17%
• Italy's FTSE MIB up 1.59%

In the US debt market yields are little changed:

• 2 year 2.892%, +0.4 basis points
• 5 year 2.679% -0.2 basis points
• 10 year 2.656% +0.2 basis points
• 30 year 3.023% +1.1 basis point

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