The mood is mildly more upbeat but not chasing any major risk-on action
USD/JPY is a pretty good barometer of near-term sentiment in the market at the moment as price keeps just above the 100-hour MA (red line) but still below the 110.00 level.
That sort of indicates that the bias is leaning more upbeat but not nearly enough to suggest a significant risk-on tilt in the market right now.
European stocks are trading higher, catching up to Wall Street gains overnight, while Treasury yields are also holding up well across the curve. 10-year yields are up by 2 bps to 1.59% currently, while US futures are up by ~0.3% in European morning trade.
Coronavirus headlines will remain key in the days ahead but for now, the market is taking everything in stride as we look towards North American trading in a few hours' time.
