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

The USD is the strongest and the AUD is the weakest as the NA session begins. The Fed raised rates by 50 basis points yesterday but Chair Powell and the Fed raised the terminal rate to 5.10% from 4.6%. That was above the markets expectations. Meanwhile the BOE hiked by a similar 50 bps and the SNB also raised by 50 bps, but the BOE hike was a bit more of a dovish variety. For the SNB there were some who thought 75 might be appropriate. Nevertheless, the focus is back on the hawkish Fed who sees a terminal rate range of 5% to 5.25% (to get the 5.10% target). The ECB is up next with 50 penciled in as well, with expectations for more rate hikes but perhaps at an even slower pace. The ECB raised by 75 basis points at the last two meetings. So the 50 basis points is a "slowing of the pace".

The US stocks are trading lower. Yields are marginally lower too as the markets diverge with the expectations the Fed will now err on the tightening side in a similar fashion to what happened at the low in rates. This time last year the Fed was projecting 100 basis points of hikes in 2022. The actual rise was 425 basis points. 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 lower after the rise in the dollar

Lots of stuff at 8:30 AM as the final dump ahead of the year end holiday. Retail sales, Philly Fed, Initial claims, Empire manufacturing. The ECB presser is at 8:45. Industrial production and Cap utilization will come out at 9:15, and Business inventories at 10 AM ET.

A snapshot of the market is showing:

• spot gold is trading down -$29 or -1.64% at $1777.12
• spot silver Silver Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Silver is a precious metal that is commonly traded on exchanges or through brokers. It is much more affordable than gold and thanks to its importance as an industrial metal as well as volatility, is widely traded.For precious metals traders, gold is a much more popular market. Big institutions buy gold as a currency hedge when real interest rates and yields on other assets become unacceptably low. Central banks will buy gold, not silver, as a reserve asset to diversify their currency exposure.In Read this Term is trading down $0.78 or 3.23% at $23.14
• WTI crude oil is trading up marginally at $77.44
• Bitcoin is trading at $17,694 after trading above $18,000 yesterday

In the premarket for US stocks, new features are employing lower levels:

• Dow is down -256 points after yesterday's -142.29 point decline
• S&P index is down -38 points after yesterday's -24.31 point decline
• NASDAQ index is trading down -135 points after yesterday's -85.93 point decline

In the European equity markets, major indices or lower ahead of the ECB rate decision:

• German DAX -1.15%
• France's CAC -1.15%
• UK's FTSE 100 -0.34%
• Spain's Ibex -0.60%

In the US that market, yields a lower:

in the European debt markets, the benchmark 10 year yields are mostly higher with the UK lower after their rate decision: