Oil Off Earlier Highs, But US Yields Holding Gains

Oil has moved off earlier highs. Brent last above $84/bbl, versus earlier highs near $86.50/bbl. WTI is sub $80/bbl, still ~+5.5% higher for the session. US yields are holding close to session highs, 2-Year Yields sit at 4.1% up ~7bps and 10 Year -Yields are ~4bps higher at 3.51%.

• This is keeping the USD mostly supported. The BBDXY is just off session highs, near 133.30/40, but hasn't been able to breach the 1234 level yet. NZD remains the weakest performer in the G10 space, down 0.50% to 0.6225, but has found some support sub 0.6620.
• NOK is away from earlier highs, with USD/NOK last around 10.4600/50, only slightly positive in NOK terms for the session.
• US equity futures remain in the red, with Nasdaq futures off by around double the Eminis fall. Regional equities are mixed, with some underperformance from tech related indices. Those bourses that are firmer, not many are recording gains beyond 0.50%.
• CNH was weighed on the Caixin PMI miss, but is finding some selling interest above 6.8900, 1 month USD/KRW is slightly down from session higher, last in the 1316/17 region.