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

The AUD is the strongest and the JPY is the runaway weakest of the major currencies as it's trend move to the upside continues to rumble and squeeze shorts higher and higher. In the process, the pair is continuing to make new 20 year highs. The May 2002 high is at 128.92. The high in the USDJPY reached 128.46 today. The pair closed at 126.99 yesterday. Other JPY crosses are also on the bullish train too.

Catalysts?

Fed's Bullard was his usual hawkish self saying that 75 basis point hike was not out of the question for him at the next meeting. That, along with bullish technicals which kept control fimly in the buyers hands, sent the USDJPY pair higher (JPY lower).

In other news, Libya is declaring force majeure on some of its oil delivery contracts as a result of protest at production and transportation facilities which is a positive for oil (500,000 barrels a day impact). However, China growth is wilting as they continue to fight the Covid virus. The lockdowns are sapping demand for oil in that country. The China effect is the dominant, and has a result, has oil prices moving to the downside this morning (down -2.4%).

Russia has declared a new offensive in eastern Ukraine as per Russian Foreign Minister Lavrov. Ukraine government said that the civilians have no way of exiting the area. Russia denies that assertion.

US stocks are little changed after yesterday's modest declines. Bond yields are higher but off their highest levels. The 30 year yield reached 3.0% at its high. It currently trades at 2.97%.

A look at the market currently 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 unchanged at $1978.22
• Spot silver is up nine cents or 0.32% $25.95
• WTI crude oil futures are trading down 2.36% or -$2.52 at $105.09
• The price of bitcoin is trading up marginally at $40,921.54

In the premarket for US stocks, the major indices are little changed after yesterday's small declines.

• Dow industrial average is up 6.31 points after yesterday's -39.54 point decline
• S&P index is up 3.0 points after yesterday's -0.90 point decline
• NASDAQ is up 15 points after yesterday's -18.72 point decline

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

• German DAX is down -0.6%
• France's CAC is down -1.1%
• UK's FTSE is down -0.4%
• Spain's Ibex is down -0.6%
• Italy's FTSE MIB is down -1.7%

In the US debt market, the yields are higher with the yield curve showing gains of 1 to 2 basis points. The 30 year yield reached 3.0% before backing off. The 10 yield Yield A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as A yield represents the earnings generated by an investment or security over a certain time period. Yields are typically displayed in percentage terms and are in the form of interest or dividends received from it.These figures do not include the price variations, which separates it from the total return. Consequently, a yield applies to various stated rates of return on stocks, fixed income instruments such as bonds, and other types of investment products.Yields can be calculated as a ratio or as Read this Term reached a new cycle high yield of 2.909%.

In the European debt market, it's benchmark 10 year yields are surging to the upside after the four-day holiday with UK yields up 9.7 basis points leading the way. The German 10 year yields are approaching the 1.0% level at 0.933% currently (the high yield reached 0.945%):