The CAD is the strongest and the JPY is the weakest as the new trading day begins

The CAD is the strongest and the JPY is the weakest as the NA session begins. The US jobs report last week was better than expected on the headline for November, but revisions dulled some of the jobs gains overall. The wages were higher than expected as well (+0.6%), and the WSJ Timiraos brought that up in his article today saying that "brisk wage growth could lead officials to consider raising their policy rate above 5% in 2023 to fight inflation". He did say the Fed will slow of the pace in December to 50 basis points (which the market was already onboard with anyway).

The USD initially moved higher on Friday only to reverse the gains and end lower on the day. That move to the downside was continued in the early hours of the trading day, but has backed off a bit vs most of the major currencies. However, the EURUSD is stretching to a new high (lower USD in early trading).

In the weekend forex report, I outlined levels in play as the new trading week begins.

Taking a look at the other markets as North American session begins shows:

• Spot 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 remains below the $1800 level at $1795.86. The 200 week moving average has moved down to $1796 this week and will be eyed as a barometer for bullish and bearish.
• 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 down $0.13 or -0.59% at $22.98
• WTI crude oil has moved higher by $2.23 to $82.23 is the full fledged Russian oil embargo in Europe begins. OPEC+
kept their production at current levels.

• Bitcoin is trading at $17,249 that is up $148 or 0.87%

in the premarket for US stocks, the major indices are trading lower:

• Dow industrial average is -180 points after Friday's gain of 34.87 points
• S&P index is down 23.25 points after Friday's -4.87 point decline
• NASDAQ index is down 56 points after Friday's -20.95 point decline

in the European equity markets the major indices are mostly lower:

• German DAX -0.52%
• France's CAC -0.57%
• UK's FTSE 100 +0.30%
• Spain's Ibex unchanged
• Italy's FTSE MIB -0.13% strongest weakest of the major currencies

in the US debt market, yields are higher with gains in the short and outpacing the long end.

In the European debt, market, the benchmark 10 year yields area lower today with UK and Italy leading the way.