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

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 strongest and the AUD AUD The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank The Australian dollar (AUD) is the official currency of Australia, which is also used in Christmas Island, Cocos (Keeling) Islands, Norfolk Island, as well as independent pacific states.Introduced in 1966, the AUD is currently the fifth most traded currency in the world, behind only the US dollar, euro, Japanese yen, and British pound.The currency is very important to forex markets and is routinely used as a carry trade against other majors.The Reserve Bank of Australia (RBA) is the central bank Read this Term is the weakest as the NA session begins. The USD is higher as well ahead of the ADP data at 8:15 AM ET. The expectations is for 200K. Last month came in at 242K vs 311K from the BLS survey. The ISM manufacturing data this month showed weakness at 46.9. The JOLTs data yesterday showed less job openings but it still is 2.5-2.8M more than pre-pandemic levels (but do you believe the numbers). The initial claims remain below 200 K indicative of a solid job market still. The BLS report will be released on Good Friday when the markets are closed.

The RBNZ raised rates by a greater than expected 50 BP with expectations for another 25 bps ahead. The news sent the NZDUSD spiking higher, but all the gains have been retraced and then some. The pair has moved back below the 100 day MA at 0.62976 and looks toward the 100 hour MA at 0.62976 as traders ponder a hard landing.

The USD is higher but there is concerns about growth after the weaker ISM data and the weaker factory orders data yesterday. US stocks are trading modestly lower adding to the declines from yesterday of around -0.5% – -0.6%.

European ISM services data came in we can expected at 55.0 versus 55.6 expected. However, it was still the highest level going back to June 2022.

Overnight Fed's Mester said she expects rates to move above 5% and remain there for a long time.

A look at other market is showing:

• Spot gold is trading up $2.46 or 0.12% at $2022.19.
• Spot silver is down $0.27 or -1.10% at $24.73
• WTI crude oil is trading unchanged near $80.71
• Bitcoin is trading at $28,576. The high price today reached $28,782. The swing high from March 24 reached $29,380

looking at the premarket for US stocks, the major indices modestly lower:

• Dow industrial average -22 points after yesterday's -198.77 point decline
• S&P index -5.1 points after yesterday's -23.89 point decline
• NASDAQ index -5 points after yesterday's -63.13 point decline

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

• German DAX -0.33%
• Frances the CAC -0.11%
• UK's FTSE 100 +0.38%
• Spain's Ibex +0.65%
• Italy's FTSE MIB -0.30%

In the US at that market, yields are mixed:

• two year yield 3.823% -0.9 basis points
• five year yield 3.394%, +0.5 basis points
• 10 year yield 3.340%, +0.2 basis points
• 30 year yield 3.584% -0.9 basis points

in the European debt market, the benchmark 10 year yields are mostly lower: