• JPY leads, NZD lags on the day
  • European equities lower; S&P 500 futures down 0.1%
  • US 10-year yields down 4.4 bps to 2.314%
  • Gold down 0.1% to $1,931
  • WTI down 5.3% to $102.03
  • Bitcoin down 0.4% to $47,090

In just a blink of an eye, we're already at the end of Q1 in 2022.

The session began with quieter tones as equities steadied while the bond selloff continues to take a bit of a breather. The dollar was mixed early on but crept higher as stocks turned lower and as the euro erases most of its advance from yesterday.

EUR/USD turned lower from 1.1150 to 1.1090 as European bond yields also retreated after a jump yesterday amid higher inflation figures from Spain and Germany. The drop in yields comes alongside a fall in Treasury yields across the curve as well. 10-year Treasury yields are down over 4 bps to near 2.31% currently.

USD/JPY saw an early drop to 121.35 but recovered back towards 122.20 before falling back down again to 121.60-70 in a rather choppy session. The dollar held its ground as it trades little changed against the pound but maintained an advance against the aussie and kiwi. AUD/USD is marked down 0.3% to 0.7480 while NZD/USD is down 0.6% to 0.6930 in a rather back and forth week.

Elsewhere, oil is keeping lower by over 5% still after warnings of Biden wanting to flood the market with SPR releases of as much as 1 mil bpd. WTI crude is keeping around $101 to $102 through the session. But as a reminder, releasing strategic reserves will not do anything to fix the structural issues in the oil market. So, think long-term.

Looking ahead, trading later may feature month-end and quarter-end volatility so just take note of that as we say goodbye to March.

In case you missed it, Adam rounded up the April seasonals in the market here.