10-year yields fall by 5 bps to 1.733%, lowest level since 4 November

USGG10YR vs Gold

Risk-off flows continue to feed through into markets and that is seeing bonds gain further on the day as we begin European trading.

In turn, this is also fueling gains in gold with price now up by 0.4% just above $1,478.

As mentioned earlier, with little else on the economic calendar, the risk mood will be the key driver affecting markets in trading today. So far, there doesn't appear to be much change in sentiment since Asia Pacific trading.