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Markets Pick Up Where They Left Off

FOREX
  • Equities and risk sentiment are mixed early Monday, but have generally picked up where they left off on late on the Friday session, with the e-mini S&P holding just below the 4450 mark and 10y Treasury yields just below 2.2%.
  • This has translated to a generally stable European morning for currency markets, with the greenback mixed-to-flat, while commodity-tied currencies edge lower - in contrast with oil prices which are extending their three-day winning streak. As such, AUD and NZD are the poorest performers in G10 - but losses are marginal and markets are awaiting a pick-up in volumes and activity after the Japanese market holiday on Monday.
  • The Ukrainian crisis continues to provide the market backdrop, with a Russian ultimatum delivered to the port city of Mariupol firmly rejected by Ukrainian forces - leaving focus on what the next steps of the Russian siege of the city could entail. President Biden is due to hold pre-trip discussions with European leaders in the coming days before his visit to the continent later in the week.
  • The data slate is typically light for a Monday, with just the Chicago Fed National Activity Index on the docket. This should keep focus on the speaker slate, with Fed's Bostic and ECB's Nagel both due ahead of an appearance from Chair Powell at the NABE at 1600GMT/1200ET.
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