Headlines:
- All quiet in European morning trade
- A bit of a bounce in yields today but the drop yesterday has more to it
- Russia's Gazprom says increased supply to China in December at China's request
- Just some supplementary Covid measures being announced from China today it seems
- Shanghai says will remove Covid test requirement for restaurants, entertainment venues
- Hong Kong says will reduce Covid isolation order to 5 days starting tomorrow
Markets:
- AUD leads, GBP lags on the day
- European equities slightly lower; S&P 500 futures up 0.3%
- US 10-year yields up 3.8 bps to 3.457%
- Gold flat at $1,785.48
- WTI crude up 2.1% to $73.83
- Bitcoin flat at $16,837
It was a quiet session bereft of any colour amid a lack of economic data and major headlines in Europe.
Treasury yields bounced back from yesterday's drop early on and stuck to it while equities are fairly more mixed with European stocks holding lower while US futures are a touch higher. The S&P 500 index neared its 100-day moving average yesterday and that will be a key focus later in Wall Street.
As for FX, it was a session where time couldn't have moved any slower. The dollar trades more mixed but the ranges so far on the day are leaving a lot to be desired. This is a market that is waiting for tomorrow's teaser before the main event next week.
USD/JPY stuck around 136.70 to 137.00 during the session with EUR/USD being little changed around 1.0510-20 levels mostly. GBP/USD retreated a bit to 1.2155 before recovering now to 1.2190, down just 0.1% on the day.
Meanwhile, USD/CAD is down 0.3% to 1.3615 as oil prices rebound slightly today while AUD/USD is up 0.3% to 0.6745 as buyers look to try and push past the confluence of its key hourly moving averages at 0.6739-40 currently.
