The push and pull in markets continue, with the risk mood swinging back the other way in trading today. Tech stocks were hampered despite a modest recovery in value stocks yesterday in Wall Street, though US futures are all pointing higher on the day so far. Here's a glance at things:

  • S&P 500 futures +0.7%
  • Nasdaq futures +0.9%
  • Dow futures +0.4%

The positive mood is also teeing up Europe for a bright start, with the yen and franc slightly lagging in the major currencies space.

The kiwi is the notable mover with NZD/USD pushing above 0.6500 after the RBNZ delivered on a 50 bps rate hike here. The higher cash rate projections are helping to spur on the kiwi on the day. For some context, this is the fifth rate hike in succession for the RBNZ (raising the OCR from 0.25% to 2.00% now) and they are still unyielding in trying to pin down inflation.

But as central banks continue down this path, just keep in mind the illusion that they're trying to sell.

Anyway, risk sentiment will continue to dictate proceedings on the day with a focus on the FOMC meeting minutes release later. There won't be much in Europe to really distract from that once again. Just be reminded though, that it will be a holiday in some parts of Europe tomorrow (notably Germany, France, Switzerland).

0600 GMT - Germany Q1 final GDP figures
0600 GMT - Germany June GfK consumer confidence
0645 GMT - France May consumer confidence
0800 GMT - Switzerland May Credit Suisse investor sentiment
1100 GMT - US MBA mortgage applications w.e. 20 May

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.