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

The AUD is the strongest and the JPY is the weakest as the NA session begins.

The AUD is running after the RBA removed its promise to be "patient" from its rate statement after their meeting. As a result, expectations for a rate rise have moved closer with Goldman Sachs and others (see post here) now see a rate rise by June. Justin outlines the subtle, but important, shifts in the RBA statement this month HERE. Meanwhile, Eamonn posted that BNZ sees 50 bp rise at the May meeting hesitantly keeping April hike at 25 bps. The NZD is following the AUD higher today.

In Japan, BOJ Kuroda was on the wires saying that they are full steam ahead on their stimulus program. He said (among other things):

• BOJ is not in situation such as Fed faces where wages and prices are spiraling upward, therefore appropriate to continue monetary stimulus

The EU announced additional sanctions against Russia including the ban of potash fertilizer, and machinery and other equipment. However, the will continue to allow oil and natural gas to continue to be imported.

IN China, the Shanghai lockdown has been extended indefinitely, but oil prices are still higher despite the falling of demand from the lockdowns.

European services PMI data were generally stronger than expected (exception Spain).

Feds WIlliams, Kashkari and Brainard are all expected to speak today.

US stocks are marginally lower. The major indices are on a 2-day win streak. US yields are higher. The 2-10 year spread is near back near flat.

A look at markets shows:

A snapshot of the markets as North American traders enter for the day shows:

• Spot gold Gold Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Gold is the most widely traded and important commodity. Prized for its historical importance and used for trading an exchange of goods, the gold market today is estimated at nearly $2.4 trillion.The value of gold fluctuates constantly, as it trades on public exchanges where it has a price that is determined by supply and demand. Gold has historically had tremendous significance and even today is extremely sought after. Gold has been used as a currency as it doesn't corrode, and the material allo Read this Term is trading down $7.60 or -0.38% at $1925.30. The declines erased the similar gains seen yesterday
• Spot silver up for cents or 0.16% $24.57
• Spot crude oil is trading up $0.62 at $103.94
• Bitcoin is trading at $46,685 near unchanged from yesterday's levels

In the premarket for US stocks, the major indices are trading lower. The major indices have been up for two consecutive days. Yesterday the NASDAQ led the charge with a near 2% gain on the day

• Dow industrial average down 51 points after yesterday's 103.61 point rise
• S&P index down six points after yesterday's 36.76 point rise
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is down 22 points after yesterday's sharp 271.05 point rise

In the European equity markets, the major indices are mostly little changed in the North American morning snapshot

• German DAX, -0.3%
• France's CAC, -1.3%
• UK's FTSE 100 -0.1%
• Spain's Ibex, +0.8%
• Italy's FTSE MIB -0.7%

In the US debt market, US yields are higher:

• 2 year 2.469%, +4.5 basis points
• 5 year 2.611%, +5.7 basis points
• 10 year 2.469%, +7 basis points
• 30 year 2.529%, +7 basis points
• 2– 10 year spread is back to flat

The European debt market yields are also sharply higher