S&P 500 futures are flat after briefly touching a record high earlier
And they're back to near flat levels now, which isn't really giving traders much to work with as risk sentiment is still seen rather mixed to start the day. European equities have inched lower but bond/Treasury yields are still holding slightly higher for the most part.
With earnings season almost over and done with, the inability of mixed reports over the past two weeks to dampen the mood in Wall Street basically highlights the resilience of the US stock market so far this year. Economic data is also a key factor though as it remains supportive with the US Q1 GDP report last week shows stronger growth but weak inflation, just the kind of thing that equities thrive on.
But you have to figure, if US equities are on the verge of making new record highs again and USD/JPY is still unable to pull itself firmly beyond 112.00, it feels like it will only be a matter of time before yen pairs start slumping if global growth conditions don't improve in the second half of this year.
For now though, the ongoing resilience in US equities should play a part in keeping flows into the dollar alongside the attractiveness of Treasury yields. At least in the near-term.
