Major currencies are holding steady to start the day
The aussie is a little bit on the back foot as the currency holds weaker amid softer domestic data as seen in the business confidence report earlier. AUD/USD holds just above 0.6950 but the trading range remains narrow still, a mere 21 pips.
Other major currencies are looking even more subdued though with little change overall (less than 0.1% across dollar pairs). EUR/USD holds in a 9 pips range between 1.1210-19 with USD/JPY seen steady around 108.75 despite slightly softer risk sentiment as we begin European trading this morning.
Asian stocks are looking more cautious with US equity futures down by 0.4%. Meanwhile, 10-year Treasury yields are down by 1.2 bps to 2.035% currently. That's more or less reflective of more cautious risk sentiment among markets with the major focus still being on Fed speakers this week and Powell's testimony which begins tomorrow.
Looking ahead, I reckon we could see a more subdued session with little on the economic calendar to move things along. Traders and investors are all waiting to hear from Powell so that remains the key item on the agenda this week.
