• JPY leads, EUR lags on the day
  • European equities mostly higher; S&P 500 futures down 0.3%
  • US 10-year yields up 5 bps to 2.782%
  • Gold up 0.3% to $1,739.93
  • WTI crude up 2.3% to $99.47
  • Bitcoin up 1.3% to $23,084

The market continues to reflect on the Fed meeting yesterday and today, the dollar is finding a bit of a footing against most major currencies bar the yen. The Japanese currency surged higher in Asia trading, with USD/JPY falling to a low of 135.11 before sticking around 135.30-60 for the most part in European morning trade. That comes despite higher Treasury yields on the day. 10-year yields are up 5 bps to 2.78% with the high earlier coming in close to 2.83%.

The dollar was initially sluggish but as the euro slumped following another torrid set of economic data, the greenback managed to find some footing on the day. Euro area economic confidence slumped to a 17-month low and the selling kicked in later with EUR/USD falling from 1.0215 to 1.0120 and is holding at the lows now.

GBP/USD also slumped with a drop from 1.2190 to 1.2105 while USD/CAD moved up from 1.2800 to 1.2820 levels. Meanwhile, AUD/USD saw gains ease up near 0.7000 in a fall to 0.6965 during the session.

Risk trades are looking more guarded on the day with US futures keeping lower but all eyes are on the US Q2 GDP data now, with it being a potential catalyst for market moves now that the Fed has stressed data dependency.