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

The JPY is the strongest while the GBP is the weakest. The US dollar is mixed with modest gains verse the EUR, GBP and CAD, and modest declines versus the JPY, AUD and NZD. The USDJPY is lower for the 2nd day in a row and did move to the lowest level in a week. The pair is testing its 200 hour moving average after dipping below the level in trading today (but only briefly). The USDJPY has been above its 200 hour moving average since April 1. The last hourly bar was the first close below that moving average but only by a small amount. The 200 hour moving average comes in at 127.601. The current price is trading at 127.568. Japan PM Kishida said that rapid FX moves are undesirable

Sellers in the USDJPY are making a play helped by the lower yields in the US. The 10 year yield is down to 2.77% after trading as high as 2.981% last week. The US treasury will auction off 2 year notes at 1 PM ET

US stocks are trading lower after the rebound yesterday led to gains in the major indices. Microsoft and Alphabet report after the close along with others. Later this week Meta, Amazon, Apple, PayPal, Ford, Intel, McDonald's, Merck, Exxon Mobil, Chevron will all report in what is the biggest earnings week in this quarter. Meanwhile markets are still by digesting the Twitter sell to Elon Musk. Twitter reports their earnings on Thursday before the bell but it is somewhat of a moot point given the purchase price is set of $54.20.

Russia's Lavrov warns the world not to underestimate the serious risk of a nuclear war over Ukraine.

In China, the PBOC promised more support for the economy especially industries and small businesses hit hardest by the pandemic as they continue to test millions of citizens for Covid an attempt to prevent further lockdowns. The central bank has urged banks to continue lending to real estate which is still reeling from the massive oversupply. With lockdowns, the real estate market is even more clogged up.

There a number of US releases including building permits, Durable Goods orders, US home price index, Case Schiller home price index, Conference Board Consumer Confidence, New home sales and the Richmond Fed manufacturing index. Remember there is no Fed speak this week as the Federal Reserve will meet next week and as a result they are in their quiet period ahead of that meeting.

In other markets:

• Spot gold is trading up $6.10 or 0.32% $1904.04
• Spot silver is up $0.15 or 0.66% $23.70
• crude oil is trading up $0.90 at $99.40
• Bitcoin is trading up $29 at $40,469

In the premarket for US stocks the major indices are lower after Monday's rebound. After the close Microsoft, alphabet, Visa, GM, Chipotle will all be released their earnings

• Dow industrial average down -130 points after yesterday's 238.06 point gain
• S&P index -15 points after yesterday's 24.34 point gain
• NASDAQ index down -52 points after yesterday's 165.56 point gain

The European indices Indices Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Read this Term are rebounding higher help by the afternoon rise in the US

• German DAX, +0.90%
• France's CAC +1.0%
• UK FTSE +0.8%
• Spain's Ibex unchanged
• Italy's FTSE MIB +0.4%

The US debt market, the yields are lower adding to the declines from yesterday. The U.S. Treasury will auction off to year notes at 1 PM ET:

• two year 2.58%, -5.0 basis points. The high 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 in the cycle on Friday reached 2.787%
• five year 2.806%, -5.6 basis points
• 10 year 2.774% -5.0 basis points. It's high yield last week reached 2.981%
• 30 year 2.859%, -3.4 basis points. It's high yield reached 3.03% last week

In the European debt market, the benchmark 10 year yields are modestly lower