Emerging markets are doing their part to maintain market calmness

Lira and rand lead gains in the emerging markets space

While there isn't any particular emerging market currency which is losing heavily on the day. That is helping to add some level of calmness in markets and that is continuing to see the yen slip further behind on the day.

European equities are heading lower again after posting mild gains earlier but Treasury yields are still holding up and that should continue to underpin yen pairs for the time being.

But once again, it must be stressed that we're only one bad headline away from everything flipping the other way around. Be wary of that in the session ahead, and when Trump wakes up.