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USD Off Lows & Equities Off Highs, Eyes On Geopolitics

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Global equity benchmarks turn away from session highs shortly after the cash open, with geopolitical tensions still simmering (firmer Russian rhetoric re: recent U.S. policy choices dominates, with further reports of an attack on U.S. bases in Iraq also noted).

  • That allows the broader BBDXY to move back towards unchanged on the day, while core global FI markets have rallied a little.
  • Crude oil benchmarks move to fresh session lows, looking through any geopolitical angst and feeding into wider cross-market moves.
  • FX reaction is patchy when it comes to the broader ‘risk-off’ moves, with the AUD & NZD outperforming all G10 peers, albeit pulling back from best levels vs. the USD.
  • NOK is now the worst performer in G10 FX given the move lower in crude oil.
  • Wider macro headline flow remains relatively light, outside of continued Chinese focus on providing targeted support for the economy.
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Global equity benchmarks turn away from session highs shortly after the cash open, with geopolitical tensions still simmering (firmer Russian rhetoric re: recent U.S. policy choices dominates, with further reports of an attack on U.S. bases in Iraq also noted).

  • That allows the broader BBDXY to move back towards unchanged on the day, while core global FI markets have rallied a little.
  • Crude oil benchmarks move to fresh session lows, looking through any geopolitical angst and feeding into wider cross-market moves.
  • FX reaction is patchy when it comes to the broader ‘risk-off’ moves, with the AUD & NZD outperforming all G10 peers, albeit pulling back from best levels vs. the USD.
  • NOK is now the worst performer in G10 FX given the move lower in crude oil.
  • Wider macro headline flow remains relatively light, outside of continued Chinese focus on providing targeted support for the economy.