The early gains have largely dissipated as traders aren't finding too much conviction to go running on the day. The overall risk mood remains cautious but I still maintain that the bond market is the one holding the cards here and unless 10-year Treasury yields threaten a push above its 100-day moving average, we may see more limited action for now.


EUR/USD has moved back up to 1.0168 from 1.0147, still down 0.1% on the day. Meanwhile, USD/JPY continues to keep just above 135.00 but isn't quite confident of an upside leg extension so far. Then, GBP/USD has also bounced from a low of 1.1995 to 1.2035 currently and AUD/USD has pared a drop from 0.6900 to 0.6925.