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Risk Appetite Steadies Somewhat, Eminis Off Lows, USD Off Highs

CROSS ASSET

A modest stabilization in risk appetite has emerged as we approach the London cross over. There doesn't appear to be any direct catalysts/headlines driving the move, but US equity futures are up from lows, halving their respective losses. Eminis last near 4256. US yields are away from session highs but only a touch (10yr last near 4.83%).

  • In the FX space, the BBDXY is away from best levels. We were last near 1278.40, after getting close to 1280 earlier.
  • AUD/USD is up to 0.6320, +0.30%, the best performer at this stage. It is outperforming JPY and NZD, although both these currencies are away from session lows. EUR/USD has steadied back up to 1.0470.

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