The AUD is the strongest and the USD is the weakest as the NA session begins. The USD has cracked lower. The AUD and the JPY are leading the way. The USDJPY fell below the 100 hour MA (currently at 142.81) . The AUDUSD moved above its 100 and 200 hour MAs respectively at 0.6065 and 0.6087. Bank of Japan Governor Kuroda met with Kishida (a regular meeting) and it rattled the market on fears of intervention. They said:

  • Rapid FX moves undesirable
  • Will watch fx moves carefully

It was not exactly earth shattering but the markets were waiting for the shove and they got one.

forex
The strongest to the weakest of the major currencies

CPI's PPI YoY dipped to from 4.2% last month. The CPI fell to 2.5% from 2.7% giving some inflation respite hopes to the rest of the world. Yields are lower in early NY trading. Stocks are up as well (3rd day in a row). Oil is higher in reaction to the lower dollar.

The markets took on an onslaught of central banks yesterday with the ECB rising by 75 basis points and "sources" saying 75 should be discussed at the October meeting. Chair Powell reiterated much that was said in 8 minutes in Jackson Hole during a 45 minute interview at the Cato Institute, even SNBs Jordan spoke, but amongst all the chattter the markets were steady. Today, they are seeing the technical breaks.

IN other markets:

  • the medicine spot gold is up $12 or 0.7% at 1720.34
  • spot silver is up $0.12 or 0.69% at $18.64
  • crude oil is trading at $85 cents up $1.50 on the day
  • bitcoin is trading back above the $20,000 level and approaching $21,000 on risk on sentiment. Currently trades at $20,967

In the premarket for US stocks:

  • Dow is up 182 points after yesterdays 193.24 point rise
  • S&P index up 25 points after yesterdays 26.21 point rise
  • NASDAQ index is up 110 points after yesterdays 70.23 point rise

In the European equity markets:

  • German DAX up 1.35%
  • France's CAC up 1.42%
  • UK's FTSE up 1.4%
  • Spain's Ibex up 1.3%
  • Italy's FTSE MIB up 1.7%

In the US debt market, yields are lower:

  • 2 year 3.492% -1.4 basis points
  • 5 year 3.381% -4.3 basis points
  • 10 year 3.275% -4.4 basis points
  • 30 year 3.447% -3.1 basis point

In the European debt market, the benchmark 10 year yields

  • Germany 1.716%, -1.8 basis points
  • France 2.28%, -2.3 basis points
  • UK 3.08% -7.8 basis points
  • Italy 3.99% -10.3 basis points
  • Spain's 2.862% -3.3 basis points