European pre-market: Currencies tepid on mixed mood
Little change observed among major currencies
The market is still trying to sort itself out ahead of the weekend, after the risk-off mood yesterday petered out towards the end of North American trading.
That is leaving for a bit of a mixed mood to start the new day as well, with Asian equities and US futures resting a little higher but the bond market isn't quite as convinced.
10-year Treasury yields are down by 1.7 bps to 1.60% and the conflicting risk signal is not helping major currencies find much direction to start the European morning.
As such, narrow ranges continue to prevail with little change observed across the board and dollar pairs are settling within 0.1% changes thus far.
Looking ahead, the focus will stay on risk once again ahead of the weekend. We have seen three Fridays in a row where risk aversion won out, but perhaps this time may be different as the market builds up hopes that the worst is over on the virus situation.