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

As the North American session kicks off, the CHF is the strongest of the major currencies while the GBP is the weakest. The major indices are relatively scrunched together as traders pondered the next move, and also wait for the key US employment data which will be released tomorrow at 8:30 AM meeting.

The expectations are for nonfarm payroll towards my 200 K vs 263K last month. The unemployment rate is expected to remain steady at 2.7%. Average hourly earnings are also expected to remain fairly elevated at 0.4% after last months 0.6% rise. The unemployment rate in the average yearly earnings are probably the most important parts of the employment report going into 2023. The Fed sees the unemployment rate rising to 4.6% in 2023 as they look at it as being at full employment and therefore a potential, contributor to inflation.

Canada will also release their employment reports tomorrow at the same time, and before that EU flash CPI inflation will be released.

Today the ADP jobs estimate is expected to show a gain of 150K versus 127K last month. Also today, the weekly initial jobless claims are expected to come in at 225K and continuing claims that 1.708M. The international trade deficit in the US is expected at $-73.0 billion versus $-78.2 billion last month. Canada trade balance is expected C$0.61 billion versus C$1.21 billion last month.

The price of oil has rebounded modestly today after yesterday's sharp fall at the price down close to 5%. The price has fallen over 8% in the prior two days. The private inventory data showed a higher-than-expected build in oil inventories of 3.3 million barrels. Today the EIA will release their inventory data that 11 AM with expectations of crude oil inventories will show a build of 1.154 barrels. Gasoline stocks are expected to show a drawdown of -0.486M.

The U.S. House will reconvene at 12 PM today in hopes of electing a new Speaker of the House. Yesterday proved futile once again as 20 Republicans continued to block the ascent of GOP's Kevin McCarthy's to the post.

A look at other markets as US traders enter for the day 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 is down $7.50 or -0.40% at $1846.99
• spot silver is down $0.32 or -1.33% at $23.43
• WTI crude oil has rebounded $1.46 to $74.28 after yesterday's 5% decline.
• Bitcoin is trading at $16,827. At this time yesterday, the digital currency was trading just $13 lower.

In the premarket for US stocks, the major indices Indices Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Stock market indices represents an index that measures a particular stock market or a segment of the stock market. These instruments are important investors as they help compare current price levels with past prices to calculate market performance.The main two parameters for indices are that they are both investable and transparent. For example, investors can invest in a stock market index by buying an index fund, which is structured as either a mutual fund or an exchange-traded fund, and track Read this Term are trading marginally higher after yesterday's move to the upside

• Dow Industrial Average up 45 points after yesterday's 133.40 point rise
• S&P index up nine points after yesterday's 28.85 point rise
• NASDAQ index up 43 points after yesterday's 71.78 point rise

In the European equity markets, the major indices are mostly higher after strong gains yesterday saw the German DAX rise 2.18%, and Francis CAC highs 2.3%

• German DAX unchanged
• Francis CAC +0.10%
• UK's 100 +0.60%
• Spain's Ibex was 0.50%
• Italy's FTSE MIB was 0.20%
• Stoxx 600 +0.15%

In the Asian Pacific market, the major indices rose:

• Hong Kong's Hang Seng index rose 1.25%
• New Zealand 50 rose 0.55%
• Australia's S&P/ASX rose 0.06%
• Shanghai Composite index increased 1.01%

In the US debt market, yields are mixed with the two-year marginally higher/unchanged while the 10-year is down around two basis points:

In the European debt market, the benchmark 10 year yields are mixed as well as they move into the afternoon trading session: