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

The US FOMC meeting will take place at 2 PM ET, and ahead of that decision where the Fed is expected to raise rates by 75 basis points, the JPY is the strongest of the majors while the USD is the weakest. The Fed in the dot plot at the last meeting said that they expected rate to end the year near 4.4%. The rise today would take the target Fed funds range to 3.75% – 4.0%. The expectations are for another 50 basis point hike at the December meeting. The markets will be interested in whether the Fed gives an updated indication of the terminal rate. The dot plot called for another 25 basis point hike early in 2023 before a pause to see if inflation started to moderate.

PMI data remained week in Europe with Spain manufacturing PMI tumbling to 44.7 from 49.0. Italian PMI moved to 46.5 from 48.3 German PMI moved to 45.1 from 45.7 last month. The EU PMI fell to 40 614 from 46.6. Overall the PMI data out of Europe has been in contractionary territory for the last 4 months (below the 50 level).

Bank of Japan corroded tried to talk the yen higher saying:

• recent yen weakness excessive, one-sided, undesirable

The ADP jobs report came in at 239K vs 195 estimate. The prior month was reduced to 192K from 208 previously reported.

A look around the markets are showing:

• 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 up $8.80 or 0.52% $1656.70
• Spot silver is up $0.19 or 0.98% at $19.78
• WTI crude oil futures are up 1.28% at $87.64
• Bitcoin is trading fairly steady at $20,537
• Dogecoin is trading up 11.69% at $0.1463 after extending to a high of $0.1588 (see post here). Since Fridays low, the prices up 96%.

In the premarket for US stocks, the major indices are mixed after moving lower for the 2nd consecutive day yesterday:

• Dow industrial average is down 7.2 points after yesterdays -79.75 point decline
• S&P index is trading up 2.9 points after yesterdays -15.86 point decline
• NASDAQ NASDAQ The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass The Nasdaq Stock Market or NASDAQ is an American stock exchange. It trails only the New York Stock Exchange (NYSE) in market capitalization and is part of a network of stock markets and options exchanges.Launched back in 1971, NASDAQ is the acronym for the National Association of Securities Dealers Automated Quotations. Since then it is known simply as NASDAQ and has become one of the most influential exchanges worldwide.The NASDAQ was the world’s first electronic stock market, and has since ass Read this Term index is trading up 19.3 points after yesterdays -97.30 point decline

In the European equity markets, the major indices are modestly lower after gains yesterday

• German Dax down -0.05%
• France's CAC down -0.17%
• UK's FTSE 100 down -0.09%
• Spain's Ibex up unchanged
• Italy's FTSE MIB up 0.14% %

In the US debt market, yields are marginally lower across the yield curve ahead of the Fed decision:

In the European debt market, yields are modestly higher: