Futures mostly lower in Europe at the start of trading
- German DAX futures -0.2%
- UK FTSE futures -0.3%
- French CAC 40 futures open flat
Mainly mirroring the sentiment in Asian trading.
It's a little funny in the market today. Equities are down in part due to the Fed's unwavering determination to carry through with rate hikes this year, but at the same time the market is also using the Fed as a reason to unwind dollar positions ahead of trade talks and the jobs report tomorrow.
If anything, the dollar's weakness owes in part to the fact that the Fed failed to offer anything for a September rate hike in my view. We know the Fed will tighten rates further this year beyond June, but the market was looking for a more hawkish signal to confirm that it seems.
