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CROSS ASSET: USD Index, Core FI At Daily Highs As Risk Sours, Oil Drops Sharply

CROSS ASSET
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A souring of risk sentiment allows core FI futures to break out of today’s tight ranges, with a reversal in oil futures seemingly leading the move. Broad-based weakness in other commodities today (e.g. natgas and iron ore) have lent additional support to bonds. 

  • Our Commodities team has not noted a headline driver for the move in oil, which has seen Brent crude futures pierce the Sep 5 low at 70.61. WTI similarly trades at new multi-month lows.
  • Stoxx 50 futures are at session lows, while US counterparts will also be under pressure from idiosyncratic weakness in JP Morgan shares (amid an ongoing press conference).
  • EURUSD, GBPUSD and USDJPY trade at fresh intraday lows, with risk- and commodity-sensitive FX (Scandis, Antipodeans, CAD) unsurprisingly seeing weakness. 
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A souring of risk sentiment allows core FI futures to break out of today’s tight ranges, with a reversal in oil futures seemingly leading the move. Broad-based weakness in other commodities today (e.g. natgas and iron ore) have lent additional support to bonds. 

  • Our Commodities team has not noted a headline driver for the move in oil, which has seen Brent crude futures pierce the Sep 5 low at 70.61. WTI similarly trades at new multi-month lows.
  • Stoxx 50 futures are at session lows, while US counterparts will also be under pressure from idiosyncratic weakness in JP Morgan shares (amid an ongoing press conference).
  • EURUSD, GBPUSD and USDJPY trade at fresh intraday lows, with risk- and commodity-sensitive FX (Scandis, Antipodeans, CAD) unsurprisingly seeing weakness.