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  • EUR leads, CHF lags for the day
  • European equities down; S&P 500 futures down 0.9%
  • US 10-year rates up 7.4 basis points to 2.627%
  • Gold down 0.1% to $1,921.20
  • WTI up 1.6% at $103.60
  • Bitcoin down 2.1% to $44,910

It was a calm session for the most part, but there were some decent moves in the market as we continue to see bond selling deepen. Meanwhile, stocks trailed lower as equities remain on the defensive following more hawkish Fed speech from Brainard yesterday.

European indices are down almost 2% across the board, with US futures also down around 1%.

The moves haven’t quite translated into meaningful action in FX. The major currencies remain in a rather push and pull mood, with the dollar seeing a slight uptick at first, only to make it all little changed now.

EUR/USD moved from 1.0890 to 1.0875 before rising to 1.0910 currently. GBP/USD also slipped to 1.3045 to climb to 1.3100 then fall back to 1.3070 at this time.

The yen remains a point of interest amid the bond market rout, but USD/JPY is expected to approach the 123.70-90 levels for most of the session.

The FOMC meeting minutes later today will be a key risk event to watch as what happens in the bond market continues to be where all the action is – highlighting the battle between the banks power plants and inflation.

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