US futures are pointing lower as we start to shift the focus to North American trading. The market mood wasn't quite impacted early on but we are seeing some light defensive flows play out in the past hour with the dollar firming across the board.
EUR/USD is down 0.5% to 1.1270 while GBP/USD has also fallen from 1.3490 to 1.3440 currently. Meanwhile, NZD/USD remains pinned down by 0.5% to 0.6668 and AUD/USD has retreated from 0.7150 to 0.7125 at the moment.
It's all about how US stocks will trade later today when the cash market opens and if we will witness yet another miracle. Yesterday's comeback was one for the history books and that has sort of left a feeling that dip buyers can perhaps recover almost any drop.
The charts are still less convincing of any major rebound but if we do see stocks close higher today, that will certainly be a major boon for risk appetite and overall sentiment. Here's a look at futures now:
- S&P 500 futures -1.3%
- Nasdaq futures -1.9%
- Dow futures -0.8%