The GBP is the strongest and the NZD is the weakest as the NA session begins

<p>The GBP is the strongest as the markets breathe a sigh of relief Boris Johnson has backed out of the race for PM, and it looks like Sunak is the front runner for the Tory party. It is a bank holiday in New Zealand today, but the the China data dump and the Australian PMI (services PMI 49 vs 50.6 est and manufacturing at 52.8 vs 53.5 est) sent its currency lower despite a favorable tone in pre-market US stocks after Friday's a surge. Yields are mixed. The markets are hoping for a Fed "pivot" toward unchanged policy. The USD is mostly higher as well with only a small decline vs the <a href="https://www.forexlive.com/terms/g/gbp/" target="_blank" id="3a5ab7c1-ff09-45ea-87d4-eea6613bb754_2" class="terms__secondary-term">GBP</a> the only downside movement. </p><p>A look at the markets shows:</p><ul><li>Spot <a href="https://www.forexlive.com/terms/g/gold/" target="_blank" id="c0483026-a32e-4e25-8e74-f808d52790c3_1" class="terms__main-term">gold</a> is down $8.30 or -0.50% at $1648.24</li><li>spot silver is down $0.29 or -1.53% at $19.10</li><li>WTI crude oil (December) is trading at $83.09, down -2.33%</li><li>bitcoin is trading at $19,379</li></ul><p>In the premarket for US stocks:</p><ul><li>Dow industrial average is up 148 points after Friday's 748.97 point surge</li><li>S&P index is up 15 points after Friday's 86.99 point rise</li><li>NASDAQ index up 17 points after Friday's 244.87 point rise</li></ul><p>in the European equity markets, the major indices are higher</p><ul><li>German DAX, +1.5%</li><li>France's CAC, +1.58%</li><li>UK's FTSE 100 +0.3%</li><li>Spain's Ibex +1.75% </li><li>Italy's FTSE MIB +1.8%</li></ul><p>in the US debt market, yields are mixed:</p><ul><li>2 year 4.498%, +0.5 basis points</li><li>5 year 4.343%, -1.1 basis point</li><li>10 year 4.204%, -0.8 basis points</li><li>30 year 4.329%, +2.5 basis points</li></ul>

This article was written by Greg Michalowski at forexlive.com.