Risk is lacking direction as we begin the week
- Eurostoxx -0.1%
- Germany DAX +0.1%
- France CAC 40 -0.1%
- UK FTSE opens flat
- Spain IBEX -0.1%
- Italy FTSE MIB -0.1%
The sentiment here is very much reflected by US equity futures, with E-minis trading near unchanged levels still at the start of the European morning. Trade talks continue to be the focus of markets and with little clue on how things are developing right now, investors and traders don't really have much to work with at this point.
USD/JPY still looks poised for an upside move though with price still trading at the highs now near 109.86. Other yen pairs are also inching higher with EUR/JPY and AUD/JPY also hitting highs of 125.83 and 79.53 on the day.
Treasury yields are a little higher again with 10-year yields now up nearly 2 bps to 2.704%. That's likely helping with the move higher in yen pairs to start the session, though I still find it hard to envisage a meaningful break in USD/JPY above 110.00 for now.
