Flattish mood observed in early trades

  • German DAX futures +0.1%
  • French CAC 40 futures flat
  • UK FTSE futures flat

This mainly reflects the sentiment seen in US futures, which are around flat levels as well as we begin the session. All eyes are on Fed chair Powell's testimony right now and that is keeping traders/investors on the sidelines before we get more clarity.

Treasury yields are holding a little higher, with 10-year yields up by 1.4 bps to 2.079%, though that is failing to spur any conviction among currency traders; USD/JPY still holds flat at 108.88 trapped in a 15 pips range today.