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

The AUD is the strongest of the major currencies Currencies Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Currencies are a typically a form of money in wide circulation, being the primary medium of exchange with respect to buying and selling goods and services. These are often issued by a specific government or collection of governments, by way of paper notes and coins. Other forms of currencies include previous metals such as gold and silver, and digital currencies such as Bitcoin. Currencies serve as a backbone of the country’s or countries’ economy, due to the perception of value held by the popu Read this Term while the USD is the weakest. In Australia, their CPI data came in hot (especially for the trimmed measure) for the quarter at 1.8% for the headline and the trimmed with expectations of 1.8% and 1.5% respectively, and raised the possibility of 50 vs 25 BP hike at the next meeting and/or a more extended ramp up to the terminal rate.

The USD is lower helped some by some disappointing updates from both Microsoft and Google after the close last night. Meta reports after the close today. Apple and Amazon will report after the close tomorrow.

Boeing today reported sharply lower than expected earnings Earnings A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price A company’s earnings represent its profits or net benefits as a result of its operation.Earnings are the net benefits of a corporation's operation. Earnings can be calculated as EBIT, i.e. earnings before interest and taxes, and EBITDA, i.e. earnings before interest, taxes, depreciation, and amortization.Earnings are valuable tools for investors of company shares as they can often highlight a company’s financial standing and performance. Better performances can result in strengthened share price Read this Term of -$6.18 vs $0.07 estimate as they took a big charge for fixed price development for the defense industry. Kraft and General Dynamics beat on the top and bottom side. Boston Scientific was mixed.

Stocks are reacting negatively (bad news is bad news too). The US major indices have seen gains over the last three days.

US yields are lower with the 10 year down at 4.03% after reaching as high as 4.33%.

The Bank of Canada has 74% priced in for 75 basis points with the remainder at 50 bps. Talk and pricing of a dovish surprised has picked up.There are a number of rate decisions ahead from various central banks including the ECB and the Fed. To catch up with the expectations and dates/times, CLICK HERE

In other markets:

• spot gold is trading up $14.85 or 0.9% at $1668.30
• spot silver is trading up $0.25 or 1.29% at $19.57
• WTI crude oil is trading at $86.20 up $0.88
• bitcoin is trading at $20,577. That continues the upside momentum from yesterday and took the price back above its 50% midpoint (and swing high ceiling) of the range since the September 13 swing high at $20,469

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

• Dow industrial average is down 30.74 points after yesterdays 337.12 point rise
• S&P index is down -28 points after yesterdays 61.75 point rise
• NASDAQ index is down -200 points after yesterdays 246.50 point rise

in the European equity markets the major indices are trading mostly lower with the German DAX the exception:

• German DAX +0.26%
• France's CAC, -0.13%
• UK's FTSE 100 -0.52%
• Spain's Ibex -0.19%
• Italy's FTSE MIB -0.4%

in the US debt market, yields are lower ahead of the 5 year note auction at 1 PM ET. The 2 year note auction was met with weak international demand although domestic demand was better-than-expected:

In the European debt market, the yields are higher in the benchmark 10 year yields: