The AUD is the strongest and the JPY is the weakest as NA traders enter for the day

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

The AUD is running after the RBA removed its promise to be “patient” from its rate statement after their meeting. As a result, expectations for a rate rise have moved closer with Goldman Sachs and others (see post here) now see a rate rise by June. Justin outlines the subtle, but important, shifts in the RBA statement this month HERE. Meanwhile, Eamonn posted that BNZ sees 50 bp rise at the May meeting hesitantly keeping April hike at 25 bps. The NZD is following the AUD higher today.

In Japan, BOJ Kuroda was on the wires saying that they are full steam ahead on their stimulus program. He said (among other things):

• BOJ is not in situation such as Fed faces where wages and prices are spiraling upward, therefore appropriate to continue monetary stimulus

The EU announced additional sanctions against Russia including the ban of potash fertilizer, and machinery and other equipment. However, the will continue to allow oil and natural gas to continue to be imported.

IN China, the Shanghai lockdown has been extended indefinitely, but oil prices are still higher despite the falling of demand from the lockdowns.

European services PMI data were generally stronger than expected (exception Spain).

Feds WIlliams, Kashkari and Brainard are all expected to speak today.

US stocks are marginally lower. The major indices are on a 2-day win streak. US yields are higher. The 2-10 year spread is near back near flat.

A look at markets shows:

A snapshot of the markets as North American traders enter for the day shows:

• 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 allows for some absorption of light creating a yellow glow, which lends the name yellow metal.Ultimately, institutional and retail investors buy and sell gold contracts or physical gold, thus creating the demand and supply flow.This can be pure speculation, to acquire or distribute physical gold, or as a hedge for commercial application. For day-traders, the purpose of trading gold is to profit from its daily price movements.How to Trade GoldDay-trading gold is speculating on its short-term price movements. Of note, physical gold is not actually handled or taken possession of, rather the transactions take place electronically and only profits or losses are reflected in the trading account.There are a number of ways to ultimately trade gold. Retail brokers typically offer exposure to gold through contracts-for-difference (CFDs).Beyond retail brokers, the main way to trade gold is via a futures contract. This represents an agreement to buy or sell something, i.e. gold at a future date. Buying a gold futures contract doesn’t mean you actually have to take possession of the physical commodity.Day traders close out all contracts (trades) each day and make a profit based on the difference between the price they bought the contract and the price they sold it at. However, on a futures exchange, gold moves in $0.10 increments only. This increment is known as a tick. It is the smallest movement a futures contract can make. If you buy or sell a futures contract, how many ticks the price moves away from your entry price determines your profit or loss.
  
  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 allows for some absorption of light creating a yellow glow, which lends the name yellow metal.Ultimately, institutional and retail investors buy and sell gold contracts or physical gold, thus creating the demand and supply flow.This can be pure speculation, to acquire or distribute physical gold, or as a hedge for commercial application. For day-traders, the purpose of trading gold is to profit from its daily price movements.How to Trade GoldDay-trading gold is speculating on its short-term price movements. Of note, physical gold is not actually handled or taken possession of, rather the transactions take place electronically and only profits or losses are reflected in the trading account.There are a number of ways to ultimately trade gold. Retail brokers typically offer exposure to gold through contracts-for-difference (CFDs).Beyond retail brokers, the main way to trade gold is via a futures contract. This represents an agreement to buy or sell something, i.e. gold at a future date. Buying a gold futures contract doesn’t mean you actually have to take possession of the physical commodity.Day traders close out all contracts (trades) each day and make a profit based on the difference between the price they bought the contract and the price they sold it at. However, on a futures exchange, gold moves in $0.10 increments only. This increment is known as a tick. It is the smallest movement a futures contract can make. If you buy or sell a futures contract, how many ticks the price moves away from your entry price determines your profit or loss.
  Read this Term is trading down $7.60 or -0.38% at $1925.30. The declines erased the similar gains seen yesterday
• Spot silver up for cents or 0.16% $24.57
• Spot crude oil is trading up $0.62 at $103.94
• Bitcoin is trading at $46,685 near unchanged from yesterday’s levels