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

As the NA session gets underway, 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 strongest and the JPY JPY The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by The Japanese yen (JPY) is the official currency of Japan and at the time of writing is the third most-traded currency in the world behind only the US dollar and euro.The JPY is used extensively as a reserve currency and is relied upon by forex traders as a safe haven currency.Originally implemented in 1871, the JPY has had a long history and has survived multiple world wars and other events. This was followed by the creation of the Bank of Japan (BoJ) in 1882 and the full oversight of the JPY by Read this Term is the weakest. The USD is mixed with gains vs the JPY and CHF, and declines vs the GBP.

The EURUSD, USDCAD, AUDUSD and NZDUSD are all little changed at the start of the day North American day after recouping earlier USD gains.

France and Spain CPI were higher than expectations and that erased earlier declines on the day in the EURUSD as traders adjust toward a tighter ECB and rates remaining higher for longer.

Although higher, the price of the EURUSD still trades above the 100 hour MA at 1.05913, but below the 200 hour mA at 1.06306. Those levels will be barometers for the pair going forward. The EURUSD has traded below the 200 hour MA for the last 10 trading days. It would take a move above to increase the bullish bias in the pair.

For the AUDUSD it trades back at/near the 100 day MA 0.67297, after the pair stalled ahead of the lows from yesterday. The price of the pair has spent the first two days of the week trading above and below the 100 day MA. Traders can't commit to the break lower although the sellers are holding below a downward sloping trend line at 0.6746 and the falling 100 hour MA (currently at 0.67706). Moves above those levels is needed to give the buyers more control. The price of the AUDUSD has closed 8 of the last 9 trading days bellow the 100 hour MA.

The USDCAD is back testing its 100 hour MA at 1.35674. That also was a high going back to last Wednesday. Yesterday, the 100 hour MA was breached and sellers quickly took the pair lower, but just as quickly snapped back higher and reinstated the level as support. With the price starting the NA session at the 100 hour MA, the buyers and sellers are back fighting it out for control against the level.

Looking around the markets, a snapshot is showing:

• Spot gold is trading down $-7.71 or -0.34% at $1808.99
• Spot silver is trading down -$0.07 or -0.34% at $20.53
• WTI crude oil is trading up $1.46 at $77.16
• Natural gas is trading at $2.71. That is little changed from yesterday but up from $1.98 on February 22 as a result of the storm sweeping the US
• Bitcoin is trading at $23,432. That is down from the high at $23549.

US futures are implying a higher open. Yesterday the major indices moved marginally higher.

• Dow Industrial Average is up 100 points after yesterday's 72.17 point rise
• S&P index is up 13 points after yesterday's 12.18 point rise. The prices approaching the 4000 level after closing yesterday at 3982.23
• Nasdaq index is 44 points after yesterday's 72.04 point rise

In the European stock markets the major indices are mixed

• German DAX up 0.34%
• France's CAC of 0.23%
• UK's FTSE 100 down -0.41%
• Spain's Ibex up 1.23%
• Italy's FTSE MIB is trading up 0.7%

In the Asian Pacific market today, the major indices were mixed:

• Japan’s Nikkei 225 rose 0.08%

• China’s Shanghai Composite +0.66%

• Hong Kong’s Hang Seng -0.79%

• Australia’s S&P/ASX 200 +0.47%

In the US debt market, the yields are higher with a marginal steeper curve.

In the European debt market, the benchmark 10 year yields are climbing after the inflation data today: