• CHF leads, JPY lags on the day
  • European equities lower; S&P 500 futures up 0.3%
  • US 10-year yields down 3 bps to 3.145%
  • Gold up 0.3% to $1,825.53
  • WTI crude up 1.3% to $113.24
  • Bitcoin down 0.8% to $20,095

Spanish and German inflation were the focus of data releases today and they served up some differing views with annual consumer inflation in Spain rising past 10% for the first time since 1985 while in Germany, price pressures abated although it may wasn't actually broad-based according to the state readings at least.

The only thing to takeaway from that is at least markets won't be too jumpy about a 50 bps rate hike in July by the ECB.

Calmer tones were seen across European trading, though regional equities slumped in playing catch up to the selloff in Wall Street yesterday. Major indices are down a little over 1% while US futures are hinting at a light bounce after yesterday's dreadful showing.

USD/JPY initially fell to 135.80 but quickly switched around again as buyers resume the momentum from the start of the week to 136.50. Other major currencies were little changed, though AUD/USD did fall to 0.6865 before recovering to 0.6890 now but still down 0.2% on the day.

The franc is the top performer as EUR/CHF takes a shot at parity again on the day with the pair down 0.6% to 1.0003 now. There was a brief peak below par with the low today coming in at 0.9993.