The market mood is looking rather pensive on the day, though not all asset classes are reflecting such caution for the moment.
The dollar is holding up and trading more mixed but that owes to added weakness in the euro as well with EUR/USD falling further to a low of 1.1011 earlier. I highlighted how the euro is looking vulnerable yesterday here.
Meanwhile, the aussie and kiwi are continuing to defy gravity and push higher on the day. AUD/USD is looking to secure a breakout higher with AUD/JPY also nearing 85.00. Meanwhile, NZD/USD is on approach to its 100-day moving average @ 0.6840.
Looking elsewhere, US futures are marked lower while bond yields are down as well ahead of European trading. That tells a more cautious tone despite what major currencies are selling for now. S&P 500 futures are down 0.4% and 10-year Treasury yields down 4.8 bps to 1.795%.
Russia-Ukraine developments are still the main thing to watch before the weekend but much like last week, be wary of any news during the break that could affect the Monday open. That could see investors opt for safety flows before the end of the day.
Economic data will continue to take a backseat though US non-farm payrolls later will offer something else for the market to chew on outside of geopolitical risks at least.
0700 GMT - Germany January trade balance
0830 GMT - Germany February construction PMI
0900 GMT - Italy Q4 final GDP figures
0930 GMT - UK February construction PMI
1000 GMT - Eurozone January retail sales
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
