• AUD leads, EUR lags on the day
  • European equities higher; S&P 500 futures up 0.2%
  • US 10-year yields down 3 bps to 2.865%
  • Gold up 0.6% to $1,770.83
  • WTI crude up 1.2% to $89.20

It was a quiet session that featured some indecisiveness among traders and investors, after having failed to gather any real conviction following the US retail sales and FOMC meeting minutes from yesterday.

The dollar firmed slightly early on while equities were a touch more defensive but now we're seeing things run back the other way ahead of North America trading instead.

There weren't any majro catalysts for the moves as broader markets are still finding it tough to settle on a firm narrative, with Treasuries also not really signaling at a change in the outlook over the past two weeks.

EUR/USD fell from 1.0170 to 1.0147 but remains caught in a host of large expiries around current spot levels today. GBP/USD took a bit of a drop from 1.2050 to 1.1995 before moving back up to 1.2050-60 levels now. Meanwhile, USD/JPY slipped from 135.40 to 134.80 after the attempt to keep above 135.00 looks to be exhausted amid a lack of poise in bond yields.

The aussie and kiwi also saw notable turnarounds against the dollar with AUD/USD dropping from 0.6940 to 0.6900 before climbing back up to 0.6970. That said, price is still keeping below 0.7000 and that is keeping sellers in control for the most part.

The switch came as equities turned a more sluggish session into one which is lightly more positive but even as US futures are pointing higher, the retreat yesterday is a note of caution with the S&P 500 having backed away from a test of its 200-day moving average. That will be a key level to watch in case dip buyers do try and step in towards the end of the week.