Headlines:

Markets:

  • JPY leads, NZD lags on the day
  • European equities lower; S&P 500 futures down 1.4%
  • US 10-year yields down 9.8 bps to 3.207%
  • Gold up 0.3% to $1,836.72
  • WTI crude down 4.7% to $104.33
  • Bitcoin down 1.7% to $20,476

And it is back the other way we go. Markets are reflecting a more classic risk-off mood on the day and that is seeing equities tumble with haven flows more evident as bonds are more bid alongside the US dollar and Japanese yen.

Stocks are on the retreat after a bit of a breather earlier in the week, with European indices falling to their lowest since March on the session while US futures cut a big chunk of the gains posted yesterday in the cash market.

Treasuries were more bid throughout and that is keeping the yen in pole position on the day when put together with the softer risk appetite. USD/JPY fell from 136.20 to 135.85 before keeping around 136.00 currently, though yesterday's upside breakout is still holding.

Meanwhile, the dollar is also seen firmer across the board with EUR/USD falling from 1.0520 to 1.0470 before recovering to be little changed now. GBP/USD also took a tumble from 1.2240 to 1.2160 before recovering to 1.2270 only to see the rebound stall at the 100-hour moving average at 1.2260.

Commodity currencies are more out of luck as the dour risk mood weighed on sentiment. USD/CAD its keeping a bounce back towards 1.3000, up 0.5% on the day to 1.2980. Elsewhere, AUD/USD is down 1.1% to 0.6895 and NZD/USD down 1.3% to 0.6245 with the aussie and kiwi both seeing little reprieve on the session.