The dollar is trading back to being little changed against the major currencies bloc at the moment as there is little sense of any firm convictions so far in European morning trade. The pound is the only notable currency that is higher, owing to heightened volatility but is keeping below 1.1200 for the time being. The rest of the major currencies are mostly holding around 0.1% change against the greenback now:
That exemplifies a lack of conviction even though we have seen decent ranges today. In other words, there’s just been a couple of rounds of pushing and pulling with no firm plays.
Looking elsewhere, equities are higher with S&P 500 futures up 29 points, or 0.8%, currently while bond yields are holding slightly lower on the day. 10-year Treasury yields are down 4 bps to 3.705% so that is feeding into some calm towards broader market sentiment.
Month-end and quarter-end is the focus today and rebalancing flows might make for a bit of a messy end to the week later, adding to US PCE data as well as the UoM survey before the weekend.