The AUD is the strongest and the GBP is the weakest as NA traders enter for the day

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 and the GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term is the weakest as North American session begins. The S&P is up 4.4% and the Nasdaq up 6.8% over the last two days in the face of a Fed rate hike and the Fed raising their rate hike projections to 7 from 3 in December. The Bank of England just raised their rates by 0.25% to 0.75% as expected. Yesterday, the USD gave up initial gains after the decision, and is continuing the run to the downside today. Today, the GBP has given up their gains and is now trading lower on the day after their decision.

The AUD was boosted by the follow through buying after China government and central bank put their support behind the stock market and economy on Wednesday. The AUD also benefitted from a strong employment report that showed a gain in employment of 77.4K vs 36.0K. The unemployment rate also fell from 4.2% last month to 4.0% this month. The GBPUSD is lower after the BOE raise rates by 25 basis points as expected.

The Russia Ukraine war continues with Russia bombing a theater that provided shelter for children. Yesterday Biden called Russian Pres. Putin a war criminal. Russia shot back in defense and also called domestic resistance "scum and traitors". Some think the chance for a diplomatic solution is now farther away.

A snapshot of markets currently shows:

• Spot gold is up $12.60 or 0.62% at $1939
• Spot silver is up $0.16 or 0.61% $25.24
• WTI crude oil is back above $100 at $100.38 that's up $5.40
• the price of bitcoin is trading at $41,100. After trading as high as $41,497 and is lows $40,496

In the premarket for US stocks, the major indices are trading marginally lower:

• Dow industrial average -112 points after yesterday's 518.76 point rise
• S&P index -17.81 points after yesterday's 95.41 point rise
• NASDAQ index -71 points after yesterday's at 487.93 point rise

In the European equity markets, the major indices are trading mixed:

• German DAX -0.6%
• France's CAC unchanged
• UK's FTSE 100 +0.5%
• Spain's Ibex -0.3%
• Italy's FTSE MIB -0.9%

In the US debt market, yields are lower after yesterday's move to the upside especially in the short end. The two – 10 year spread is down to 21.1 basis points.

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