I never quite like the uncertainty and potential messiness that month-end flows have to offer. Sure, they're great to fade but it's never a guarantee especially now when there are also so many other moving parts in the market.

Risk tones are keeping softer on the day with European indices down between 1.7% to 2.3% while S&P futures are down 1.3% on the session currently. Treasury yields are holding softer but that has yet to translate to much meaningful action in major currencies, at least in my view.

EUR/USD is down 0.2% to 1.0415 after a bit of a climb to 1.0460 earlier and sellers are looking to pressure the double-bottom around 1.0365-70 on the charts:

Meanwhile, USD/JPY is down 0.2% to 136.30 after having hit a low of 135.97 earlier in the day with little conviction despite the more dour risk sentiment. Even commodity currencies are little changed against the dollar on the day.

The only decent mover is the franc as it gives back the gains from yesterday with USD/CHF rising up 0.4% to near 0.9600. EUR/CHF is also trading back up from 0.9970 to near 1.0000 again at the moment.

It's tough to really get much conviction out there today and with month-end and quarter-end in focus, it will be tougher to digest any moves as well. Not only that, it will be a long weekend in the US with the 4th of July being a holiday and that will also make for a tricky close to the week tomorrow before the weekend.