The strongest to the weakest of the major currencies

The USD is the strongest and the JPY is the runaway weakest of the major currencies .

The Bank of Japan intervened in the JGB market buying 5-10 year issues in an attempt to keep rates at its policy target rate. The actions sent the USDJPY to the highest level since August 12, 2105 when the currency pair reached 125.27. The price has backed off a bit from the peak but is still higher by 1.70%. The JPY is lower versus all the major currencies by 0.98% to 1.7%. The AUDJPY, which is up for 8 consecutive weeks, is off to a good start in week 9 with a gain of 1.68%.

US stocks are trading higher although Apple is lower on demand concerns. Apple said it would cut iphone SE output by 20%. Apple did win Best Picture with it's movie Coda so it was not all bad. Tesla meanwhile is up over 6% after reports it is looking to split it's stock.

Oil is sharply lower after Shanghai goes on a Covid rolling lockdown schedule. Zelensky peace talks continue with the Ukraine leader willing to accept permanent neutrality as a basis for peace. It also is willing to talk about negotiations about Eastern Ukraine and Crimea.

A look around the markets is showing:

  • Spot gold is trading down $27.54 -1.41% $1930.10
  • Spot silver is down $0.49 or -1.93% at $24.98
  • Crude oil is trading down seven dollars at $107.68
  • Bitcoin is trading at $47,300 after the search over the weekend took the price from a low on Saturday of $44,101

In the premarket for US stocks, the major indices are trading marginally higher

  • Dow industrial average is up 62.76 points after Friday's 153.3 point rise
  • S&P index is up nine points after Friday's 22.88 point rise
  • NASDAQ index is up 44 points after Friday's -22.54 point decline

The European equity markets, the major indices are mixed:

  • German DAX, +2.17%
  • France's CAC, +1.92%
  • UK's FTSE 100 +0.6%
  • Spain's Ibex +1.7%
  • Italy's FTSE MIB was 2.0%

In the US debt market, the yields are mixed with the shorter end continuing to move higher as Fed expected tightenings continue to push higher while the longer end sees a modest decline

US rates
US rates are mixed

In the European debt markets, the yields are higher in the benchmark 10 year sector

European rates
European rates are higher with Italy up most