The GBP is the strongest and the AUD is the weakest

The GBP is the strongest and the AUD is the weakest as the NA session begins. The RBA kept rates unchanged as expected at 3.6%, but the central bank did leave the door open to resume rate hikes in the future if the financial market volatility blows over. The AUD is fighting with the JPY as the weakest currency at the start of the North American session. The GBP ripped higher in the European session after consolidating in the Asian session. The GBPUSD moved above a key swing area between 1.24225 to 1.2445 which opened the door for buyers to step through (see chart below).

GBPUSD moves above a swing area

The USD is mixed in early US trading ahead of JOLTs and Factory Orders scheduled to be released at 10 AM ET. Adam has been arguing that the JOLTs data is misleading with companies using job advertisement as a way to manipulate current employees and potential hires (its simply overstating the needs - see post here). Durable goods

orders - a part of Factory Orders - came in at -1.0% (were expecting +0.6%) back on March 24 (see post here).

In the US, stocks are higher. Yields are higher. Oil is continuing to move higher with oil now above $81. Jamie Dimon CEO of JPMorgan said overnight the Fed

may have to raise rates higher than expected. He also said that the odds of a recession have increased.

A snapshot of the markets shows:

  • Spot gold is trading down $1.55 or -0.08% at $1982.50.
  • Spot silver is unchanged $23.94
  • WTI crude oil is trading up at $81.14. The price settled $80.42 yesterday.
  • Bitcoin is trading at $28,330. Yesterday the low price reached down to $27,236 before rotating back to the upside

The premarket for your stocks, the major indices are trading marginally higher. Yesterday the down S&P moved higher while the NASDAQ moved lower but well off its lows for the day.

  • Dow industrial average of 52.85 points after yesterday's 327 point rise
  • S&P index up 14.24 points after yesterday's 15.18 point rise
  • NASDAQ index is up 65 points after yesterday's -32.45 point decline

In the European equity markets, the major indices are higher:

  • German DAX, +0.90%
  • Frances CAC +0.60%
  • UK's FTSE 100 +0.02%
  • Spain's Ibex +0.86%

In the Asian-Pacific markets:

  • Japan's Nikkei +0.35%
  • Hong Kong's Hang Seng index -0.66%
  • China's Shanghai composite +0.49%
  • Australia's S&P/ASX index rose 0.18%

In the US debt market:

  • two year yield 4.013% +3.3 basis points
  • five year yield 3.552% +2.3 basis points
  • 10 year yield 3.463% +3.2 basis point
  • 30 year yield 3.669% +2.3 basis points

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

European benchmark 10 year yields