S&P 500 futures are up by 0.6% now
A little bit of hope goes a long way in markets and that's what we're seeing in the second half of trading this week. European equities are also posting solid gains at the moment and that's lending to some weakness in the franc.
The bond market isn't exactly brimming with optimism though as German yields remain more subdued while US yields are off the highs earlier - though still firmer on the day.
The flows haven't really translated into a similar risk-on move among major currencies with the yen still sitting higher on the session today. USD/JPY sits near 106.40 after a bit of ping pong action from 106.30 to 106.50 earlier.
I want to say that the latest move in equities and bonds have in part to do with some position covering on month-end flows but looking at the moves over the past few days, it appears to be more than that.
I reckon we'll get more clarity next week but if anything else, this points to a market that is still looking to buy on any optimism in the trade rhetoric - even if it is just based on hope.
