• USD leads, NZD lags on the day
  • European equities lower; S&P 500 futures -1.0%
  • US 10-year yields up 5.5 bps to 3.502%
  • Gold down 0.8% to $1,661.53
  • WTI crude down 2.3% to $82.82
  • Bitcoin down 5.4% to $18,680

It was a quiet session in Europe today as UK markets are closed in observance of the funeral for Queen Elizabeth II. That pretty much caught most of the region's attention as world leaders gathered in Westminster Abbey in honour of the occasion.

But for the most part, markets are carrying over the theme from last week ahead of key central bank meetings later in the week.

The dollar is running higher alongside Treasury yields, with 10-year yields hitting 3.50% - its highest since 2011. Meanwhile, equities are continuing its slump in form with European indices dragged lower alongside US futures during the session. What started off with a slight decline in equities sentiment is starting to turn a bit rough now with Wall Street set to enter the fray.

S&P 500 futures were down 0.2% at the start of the day before extending the drop to roughly 1.0% at the moment.

Going back to the dollar, it is benefiting on all fronts i.e. higher yields, softer risk tones, weaker yuan. This comes as markets keep the focus ahead of the FOMC meeting on Wednesday.

EUR/USD is down 0.3% to 0.9985 while GBP/USD is threatening a sharper technical break below 1.1400, down 0.3% to 1.1375 currently. Commodity currencies are also struggling with USD/CAD building on its break higher last week to be up 0.4% to 1.3310 while AUD/USD is testing key support once more, down 0.6% to 0.6675 on the day.