S&P 500 futures are up by 0.6% now
When we began the session earlier, E-minis were down roughly by 0.2% to 0.3% but in the past hour especially it has posted decent gains to reach session highs right now. Indirectly, the dollar is losing further ground across the major currencies bloc as the greenback hits a session low against the likes of the euro, pound and yen.
The latter in particular is holding up rather well despite the improvement in sentiment here. USD/JPY sits at the lows currently near 110.25. But that could be more related to the anchor that is tied to the foot of Treasury yields. 10-year yields are actually down to a session low of 2.748% now, lower by 1.8 bps on the day.
Although it isn't much, the fact that yields aren't able to rise in tandem with the turnaround in sentiment here is still causing traders to throw caution to the wind ahead of North American trading.
There isn't much impactful data (Chicago PMI being the only noteworthy one possibly) as we wrap up the week in the session ahead so once again markets will be heavily focused and tuned in to how equities will perform. And that will be the major theme in US trading later once again.
