It's essentially a risk-on day as equities are surging, with European indices up over 1% and S&P 500 futures up 27 points, or 0.7%, at the moment. Bonds are also strongly bid (which these days is a positive development for risk) with 10-year Treasury yields falling back to 3.98%, down 9.5 bps on the day:
This is putting the dollar in the pressure cooker as the greenback is feeling the heat in trading today. USD/JPY is down about 100 pips to 147.70 with the dollar lagging across the board.
