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  • JPY leads, EUR lags on the day
  • European equities mixed; S&P 500 futures up 0.7%
  • US 10-year rates down 2.4 basis points to 3.131%
  • Gold down 0.5% to $1,828.03
  • WTI crude up 0.5% at $106.20
  • Bitcoin up 3.8% to $20,610

European trading started quietly today, but things really picked up speed after we got some rather abysmal PMI readings from France and Germany. The data pointed to a significant decline in economic activity as inflation hung on, hinting at the likelihood that the ECB looks set to slip into recession later in the year.

In FX, the yen was the only notable move early on and it caught fresh supply alongside the dollar as risk tones turned sour. USD/JPY held mostly around 135.30-50 during the session, but other yen pairs fell sharply before paring losses a bit as stocks rebounded.

EUR/USD moved from 1.0570 to 1.0485 before holding around 1.0500 now, holding at its 200 hourly moving average. Meanwhile, GBP/USD fell from 1.2240 to 1.2170 before bouncing back to around 1.2220 now as buyers hold onto short-term support as shown here.

Elsewhere, AUD/USD remained lower after a surge from 0.6900 to 0.6870 and is still down 0.5% on the day around 0.6890-95.

The rebound in equities is less broad-based, with bond yields still under pressure in Europe after the dismal data, while Treasury yields are also lower, although they are reversing some of their earlier decline. 2-year yields briefly dipped below 3% before holding around 3.02% now.

In commodities, Oil continues to intrigue as it fell sharply early on and looked set to continue yesterday’s decline before reversing now to be higher today. At the low, WTI Crude traded near $102.30 but is now holding at around $106.20.

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