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

The USD is the strongest and the GBP GBP The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth The Great British pound (GBP) or pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, Gibraltar, South Georgia, and other pacific territories.The GBP is currently the fourth most-traded currency worldwide in forex markets after the US dollar, euro, and Japanese yen.As the oldest currency in continual use, the GBP holds great weight on the world market and is also the fourth largest reserve currency.The Bank of England (BoE) is the central banking auth Read this Term is the weakest as the NA session begins. The markets were all in motion yesterday and on Monday to start the month of October. The USD declined, rates fell, gold and oil rallied (with OPEC+ in play). The Reserve Bank of Australia gave traders some hope that a shift in the accelerated rate hikes had slowed after they hiked by 25 basis points instead of 50 bps.

Today, the markets are still in motion but in the opposite direction. The USD is higher. US rates are back higher. Gold is lower. Oil is lower despite the most recent chatter that number is 1.8 barrels per day cut in supply (it is important if it comes from quotas or actual production). The Reserve Bank of New Zealand announced their rate decision and they did not start a trend, opting instead to raise rates by 50 basis points. The RBNZ said:

• Committee members agreed monetary conditions needed to continue to tighten until inflation back in target range
• Core consumer price inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is too high and labour resources are scarce.
• The level of domestic spending has remained resilient to date,
• Household balance sheets remain resilient despite the fall in house prices.

• New Zealand's productive capacity still being constrained by labour shortages and wage pressures are heightened

No backing down from the RBNZ.

ADP will announce their national employment job numbers for September. Last month the number came in at 132K (the release returned after a re-tooling). The expectations are for 200K. The BLS NFP rose 315K last month and are expected to increase by 265K when it is released on Friday at 8:30 AM ET).

UK PM Truss tried to appease markets by pledging that her government will "always be fiscally responsible",but the markets are not buying the talk (yields are 15 bps in the UK today).

A look at the markets are showing:

• spot gold is trading down $19.05 or -1.10% at $1706.02
• spot silver is trading down $0.75 or -3.61% at $20.28
• WTI crude oil is trading at $86.34 that's down around $0.20 on the day
• The price bitcoin remains just above the $20,000 level $20036

In the premarket for US stocks, the major indices are lower after 2 days of sharp gains:

• Dow industrial average is down -269 points after yesterdays 825.43 point surge
• S&P index is down -34.68 points after yesterdays 112.48 point rise
• NASDAQ index is down 104 points after yesterdays 360.97 point push higher

in the European equity markets, the major indices are also trading lower:

• German DAX -1.0%
• France's CAC -0.8%
• UK's FTSE 100 -0.9%
• Spain's Ibex -1.6%
• Italy's FTSE MIB -1.6%

in the US debt market, yields are higher with the 10 year yield up 8.2 basis points at 3.699% after trading as low as 3.564% yesterday.

In the European debt market, the UK benchmark 10 year yields are leading the way with a 16.5% gain as investors shun the pound and UK assets once again: