• JPY leads, NZD lags on the day
  • European equities lower; S&P 500 futures down 0.9%
  • US 10-year yields up 3.2 bps to 3.404%
  • Gold up 0.3% to $1,909.20
  • WTI crude down 0.5% to $79.06
  • Bitcoin down 0.3% to $20,716

The market mood appears to be souring further today, as equities are seen on the retreat following yesterday's fall. If you really want to be picky, the ECB played a helping hand in the move as more hawkish comments from Knot and Lagarde certainly did the trick.

That said, equities were already under pressure since yesterday and this made things easier for sellers to take control.

The bond market was more mixed though as we saw yields tumble initially before the hawkish comments by ECB policymakers helped to turn things around during the session. 10-year German bond yields have erased yesterday's drop, moving up by 8 bps to 2.08% currently.

The implications for FX was that the dollar is more mixed while the euro is keeping more resilient for the most part. EUR/USD hit a high of 1.0838 on Lagarde's remarks before settling just above 1.0800 on the day now. Meanwhile, USD/JPY continues its volatile trip with a move up from 127.90 to 128.60 during the session.

The antipodeans are the worst hit though as equities come under pressure. Both the aussie and kiwi are down roughly 1% with AUD/USD continuing its rejection of the 0.7000 handle in a fall to 0.6875 on the day. As for NZD/USD, the failure to hold above 0.6500 is a similar rejection of sorts before falling to 0.6370 today.

It looks like it is setting up to be an ugly day for risk so let's see where Wall Street takes us next.