European markets are slow out of the blocks today
Safe haven currencies are leading the way and commodity currencies are lagging behind. It's not unusual given Gary Cohn's resignation earlier in the day - which opened up uncertainty surrounding a possible global trade war.
But the moves have largely been in the Asian session, and so far we're not seeing any follow through or cutback here in European trading. It's a largely quiet session so far as markets are still digesting the implications of Cohn's resignation, something which may take quite some time as highlighted here.
So far, European traders are basically agreeing that the positioning right now should be on the more cautious side as equities in Europe are also slightly lower on the day - though they have recovered from the lows posted earlier.
The lack of follow through so far will encourage equity traders to slowly push stocks higher on the day, but we still have the US session to deal with - and that is going to be the more prominent round of flows by the look of things for both the equity and currency markets.
