The NZD is the strongest and the EUR is the weakest as the NA session begins

The NZD, AUD and the CAD all closed near their lows on Friday and for the week and the is seeing a bounce higher in trading to start the current week. The RBA and the RBNZ are both meeting this week and both are expecting to raise rates by 50 BPs each.

The price of oil is higher as the OPEC+ meeting is leaning toward a 1 BPD increase in production to be announced this week when they meet on Wednesday. Yields are also lower. The UK reversed their tax cutting plan for the highest earners. That led to the a more favorable GBP move higher today. The USD is mixed with most of the declines vs the commodity/risk-on currencies.

Weekend news that Credit Suisse may be in trouble has their stock moving lower and the market wondering if there might be a banking crisis down the road.

Stocks are modestly higher in the US in pre-market trading after a weak close on Friday. It is also the start of a new calendar month which saw stocks tumble in September (it is a seasonally weak month) as investor fear for higher rates, and slower growth gripped global economies.The good news is October is a rebound month seasonally at least.

The USD was higher in September with the greenback moving to the lowest level ever vs. the GPBUSD. The EURUSD moved to the lowest level of the year and the lowest level since 2002. The CAD, AUD and NZD moved to the lowest levels since the 2020 pandemic shutdown (and closed near those currencies low extremes for 2022 as well).

Looking at the other market, the morning snapshot is showing:

• Spot gold is trading up $4.80 or 0.29% at 1665.62
• Spot silver is trading up $0.40 or 2.09% at $19.39
• WTI crude oil is trading $82.89. That's up 4.28%. Expectations at OPEC might cut production by 1 million barrels per month is helping to push prices higher
• Bitcoin Bitcoin Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Bitcoin is the largest and world’s first digital currency launched back in 2009 by the entity, Satoshi Nakamoto. Being a digital currency, a defining feature of Bitcoin is that it functions without a central bank or single administrator. Rather, Bitcoin instead can be sent by peer-to-peer (P2P) networking, which is itself absent of any intermediaries.Instead of being a physical currency, Bitcoins represent pieces of digital code that can be sent and received across a kind of distributed ledger n Read this Term is trading down -$72.27 or -0.37% at $19,202.93

In the premarket for US stocks, the major indices are trading higher with the Dow industrial average leading the way.

• Dow industrial average is up 190 points after Friday's -500.10 point decline
• S&P index is up up 17.5 points after Friday's -54.85 point decline
• 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 up 9 points after Friday's -161.89 point decline

In the European equity markets the snapshot of the market is showing major indices are trading mixed

• German DAX down -0.37%
• France's CAC -0.58%
• UK's FTSE 100 -0.48%
• Spain's Ibex +0.3%
• Italy's FTSE MIB +0.23%

In the US debt market, the yields are lower:

In the European debt market, yields 10 year yields are also trading sharply lower. UK yields are leading the way with a -12.4 basis point decline after the scrapping of the tax cut for the most wealthy: