Some two-way trade has been observed across the major global assets, with U.S. Tsys back from richest levels and e-minis turning positive after a brief showing below Wednesday’s lows. Meanwhile, JPY is back from firmest levels of the session, while high beta G10 FX has moved away from session lows. We haven’t seen much in the way of overt headline flow to trigger the reversal, after the previously outlined COVID case headlines, centring on the Chinese city of Shanghai & North Korea, provided the initial risk-off impulse.
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