Dollar steady ahead of European markets open

Markets are in a bit of a mood in search of fresh direction


There’s a slight hint of softness in risk sentiment with Treasury yields creeping lower as we begin the session. 10-year yields are down by 1.4 bps to 2.129% currently and that has helped to pull USD/JPY to lows of 108.45 at the moment.

That said, major currencies are still largely rangebound with USD/JPY kept in a 13 pips ranges and EUR/USD only in a 9 pips range. The dollar is mostly steady as it advances slightly against the likes of the kiwi and aussie though both commodity currencies are trading within 20 pips ranges against the greenback so far today.

Equities have also quietly moved slightly lower but nothing too notable. E-minis are down by 0.1% and with US stocks closing near flat levels yesterday, European futures should reflect some mild decline to play catch up after their overnight performance.

All in all, markets are still mostly steady but there are some hints of softness as we begin the session. With little on the economic calendar, expect the risk mood to remain the key focus in the European morning today.

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