S&P 500 futures are down by just 0.3% now

E-minis 03-06

The index has crawled up by more than 10 points from its low on the session as traders remain unsure of what to make of markets as we begin the week. Earlier, bond yields fell off rather dramatically with 2-year yields falling by 8 bps to hit a December 2017 low. But the bond surge is easing now with 2-year yields down by just 4 bps at 1.882% currently.

And E-minis have also pared losses of nearly 0.8% earlier to just 0.3% now. That has helped USD/JPY inch higher again to 108.37 alongside option-related bids around 108.00. But of note, we're seeing the swissie pare earlier gains with EUR/CHF nearly flat at 1.1170 after having fell to a low of 1.1120 earlier in the session.

There's still a hint of caution and nervousness but it looks like markets are still wavering before settling on a firm narrative ahead of US trading.