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

The JPY 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 mostly higher with gains vs the AUD and NZD leading the way.

Technically, the NZDUSD NZD/USD Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Understanding NZD/USD: A Comprehensive GuideThe NZD/USD is a commonly offered currency pair representing the New Zealand dollar or Kiwi and US dollar. The pair is popular for exposure to a commodity currency, i.e. the NZD, which helps capture the risk appetite of forex traders. Like its Antipodean counterpart, the Australian Dollar, the NZD/USD is seen as a carry trade, due in part to interest rate differentials which favor the NZD. The NZD is the world’s seventh most liquid pair at the time of Read this Term found willing sellers yesterday near the 100 hour MA and below the 200 hour MA and moved lower. Today, the price stepped lower - falling back below the 200 day MA at 0.6161- and trades near the low for the day as North American traders enter for the day, and the week (lowest since March 10).

For the AUDUSD, it tried to move above its 200 day MA yesterday (green line at 0.67425) and was successful for around 7 hours. Then the price dipped back below that MA level and started to see willing sellers vs that MA level. In the Asian session, the price started to move lower and initially tested the 100 hour MA at 0.67178 (blue line), before breaking and continuing the decline falling below the 200 hour MA in the process (green line). The low reached to a swing area between 0.6676 to 0.66797 and stalled (see red numbered circles in the chart below). There has been a bounce off that support. The pair is back in the meat of the ups and downs but below the 100/200 hour MA and 50% of the recent range.

In the news, Federal Reserve Bank of Philadelphia President Patrick Harker said that "some additional tightening" was needed to deal with inflation, and when tightening ends the Fed will need to hold steady for a while. He does not expect 2% inflation until 2025 and parroted the idea that unemployment would move toward 4.4% by the end of the year. Today is the last day for Fed-speak before the quiet period leading into the May 3 rate decision. The expectations are for a 25 basis point hike to 5.25% (high of the target range)

The flash PMI in Europe was mixed with manufacturing dipping and service data moving higher. The EURUSD moved down and up as traders continue the chop. In the US today, its flash PMI will be released with manufacturing expected to remain near the level from last month at 49.0 (vs 49.2 last month). The services is expected to dip to 51.5 from 52.6 last month. Canada retail sales will be released at 8:30 AM (-0.6% est)..

A snapshot of the markets are showing

• Spot gold is trading down $21.40 or -1.07% at $1983.
• Spot silver is trading down $0.12 or -0.47% $25.12
• WTI crude oil is trading up $0.29 at $77.66
• Bitcoin is marginally lower at $28,116

In the premarket for US stocks, the major indices are little changed/lower after yesterday's declines:

• Dow industrial average is unchanged after yesterday's -110.39 point decline
• S&P index down -2.75 points after yesterday's -24.71 point decline
• NASDAQ index is down -33 points after yesterday's -97.67 point decline

In the European equity markets:

• German Dax is down -0.21%
• Frances CAC is up 0.05%
• UK's FTSE 100 is up 0.16%
• Spain's Ibex is down -0.75%

In the US debt market, yields are lower:

• 2 year yield 4.109%, -6.1 basis points
• 5 year yield 3.610% -2.9 basis points
• 10 year yield 3.535% -0.9 basis points
• 30 year yield 3.755% unchanged

In the European debt market, the benchmark 10 year yields are mostly higher with the UK 10 year bucking the trend with a decline of -1.5 basis points: