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

The AUD is the strongest and the USD is the weakest to start the US trading day. There was a report out of The price of oil is down sharply as the winter storms from last week across the US kept drivers off the roads. Also concerned about global demand waning as economies are slow is weighing on price levels. The price testing December 19 low levels. US yields and European yields are also sharply lower on global growth concerns. Having said looking in the rearview mirror, the Atlanta Fed GDPNow estimate for fourth-quarter growth increased to 3.9% yesterday from 3.7%. Mortgage applications fell -10.3% as rates continued their move to the upside with the 30 year mortgage rate rising to 6.58%. It move closer to 6% earlier in December. Buckle up.

In France today, their estimate for inflation was lower than expected at -0.1% versus +0.5% expected. Germany reported lower preliminary CPI data yesterday at -0.8% versus -0.6% expected. The services PMI out of the EU was marginally higher but still below the 50 level at 49.8 versus 49.1 estimate.

Today starts the progression of employment statistics into the US nonfarm payroll release on Friday where expectations are for 200 K versus 263K last month. The JOLTS job openings will be released at at 10 AM with estimates of 10.04M vs 10.33M last month. A lower number, a lower quits rate, a higher separations rate would all be considered more bearish for the economy. Also at 10 AM today, the US ISM Manufacturing index is expected to come in at 48.5 versus 49.0 last month.

The Fed minutes will be released at 2 PM. The Fed at the last meeting increased rates by 50 bps as they slowed the pace of the hikes. They did raise the terminal rate to 5.1% from 4.6% in their September guesstimate.

The US House will continue to try and elect a Speaker of the House. The GOP failed yesterday as the party remains fragmented.

A look at other markets as US 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 up $14.86 or 0.81% at $1853.86
• spot silver is up $0.13 or 0.56% at $24.13
• WTI crude oil is down $2.63 at $74.30
• Bitcoin is trading at $16,815. The low for the day came in at $16,652. The high for the day has reached $16,906