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USD offered, Equity underpinned, Bonds lower

CROSS ASSET
  • The Dollar is mostly on the backfoot, but looking closer, mostly flat in G10s against the NZD, AUD, SEK, NOK, CAD and GBP.
  • The Swiss Franc leads, but USDCHF still only trades in a 22 pips range, fading off 0.8753, Yesterday's high and the highest print since 13th December, now at 0.8733.
  • Already well flagged overnight, the Yen is the worst early performer, down 0.32%, following BoJ Gov Shinichi Uchida leaning Dovish comment, but the currency was already under pressure since the big NFP beat, and USDJPY still hasn't managed to break this week's high of 148.89, but testing 148.77 high now, with Tnotes testing session low led by Bund.
  • Early focus is on the Equity bid and European Govies and Euribor through their respective lows.
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