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Risk-On Flows Take Hold As E-Minis Tick Higher

FOREX

Market sentiment has improved even as Fed's Bullard signalled optionality around a 75bp rate hike, while Russia appeared to be launching renewed offensive into east Ukraine. Unfazed U.S. e-mini futures have punched through yesterday's highs.

  • Worth noting that the re-opening of markets in after the Easter holidays should result in better liquidity today.
  • The Aussie dollar is among the best G10 performers as commodity-tied currencies hold firm. Reminder that the RBA will publish the minutes from its most recent monetary policy meeting today.
  • The yen underperforms its major peers, with the well documented dynamic (central bank policy divergence) in play. USD/JPY has ripped through Y127.00 which capped gains on Monday.
  • Final Japanese industrial output as well as U.S. housing starts & building permits take focus on the data front.
  • The central bank speaker slate features Riksbank's Floden & Fed's Evans.
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