The JPY is the stongest and the CAD is the weakest as the NA session begins

The JPY is the strongest and the CAD is the weakest as the North American session begins. The USD is mixed after the sharp run up yesterday on the back of the better than expected CPI data. The US producer price index will follow up today with similar estimates of -0.1% for the headline and +0.3% for the core. Yesterday, the CPI showed a gain of +0.1% for the headline and +0.6% for the core as inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term continued its move to the upside despite sharp declines in energy on the month. The news solidified 75 basis points from the Fed at the next meeting next week and also raised the end of year estimate for the Fed Funds rate (4% to 4.25%).

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 moved back to the upside today after the Bank of Japan was said to carry out "rate checks" as the USDJPY approached the high from last week at 144.984. The action helped to send the USDJPY back down as traders worried about getting caught in "real" intervention. The low reached 142.88 that took the price back below the 100 hour MA at 143.18, but the price is back above that levels at 143.41 in early US trading. Is a ceiling in? BOJ officials have warned that currency moves have been "rapid and one-sided" and if "moves continue, we must respond without ruling out any options". Risk is increased and that has traders worried and likely heading more to the sidelines.

US stocks were higher in pre-market trading this morning but have given up all those gains and trades negative. US yields are higher.

IN other markets:

• spot gold is more or less steady at plus $1.52 or 0.09% at $1702.69
• spot silver is up $0.13 or 0.68% at $19.46
• WTI crude oil is trading at $86.69, down -0.66%. Natural gas is up 0.98%
• The price of bitcoin is trading at $20,208 after reaching a high of $22,781 yesterday

Yesterday the Dow industrial average had its worst day since June 2020 and the 7th largest point loss ever. The S&P had its worst day since June 2020 and its 5th largest point loss. The NASDAQ had its worst day since June 2020 as well.

Looking at the premarket for US stocks:

• Dow industrial average is down -46.97 points after yesterdays -1276.37 point decline
• S&P index is down -5.69 points after yesterdays -177.74 point decline
• NASDAQ index is down -15.12 points after yesterdays -632.84 point plunge.

In the European equity markets, the major indices are trading lower as it catches up to the afternoon declines in the US yesterday:

• German DAX -1.23%
• France's CAC -0.93%
• UK's FTSE 100 -1.64%
• Spain's Ibex -0.4%
• Italy's FTSE MIB -0.20%

In the US debt market, the yields have moved higher and trade at/near highs for the day:

in the European debt market, benchmark 10 year yields are also moving to the upside