• CHF leads, NZD lags on the day
  • European equities slightly higher; S&P 500 futures flat
  • US 10-year yields down 4 bps to 3.45%
  • Gold up 0.4% to $1,925.01
  • WTI crude flat at $67.72
  • Bitcoin up 2.1% to $24,920

With little on the economic calendar besides the ECB, there wasn't much headlines in European morning trade today. Credit Suisse got a liquidity lifeline overnight and that saw markets greet the session with a calmer mood.

Bond yields jumped higher at the open but has since seen its advance pull back as tensions are still running high in markets ahead of the ECB policy decision. 2-year German bond yields were up to 2.74% at the open but are now down to 2.54%, still up by 16 bps on the day though.

Meanwhile, Treasury yields are still a little heavy with 2-year yields down 3 bps to 3.94% and 10-year yields down 4 bps to 3.45% currently. The only bright spot is that the volatility has eased slightly but we'll see if we will get another injection later on after the ECB delivers their verdict on rates.

In FX, the franc gained some slight ground with USD/CHF falling to 0.9230 but has since climbed back up to 0.9280 now - still down by 0.5%. USD/JPY is also looking heavy, down by 0.5% at around 132.70 but is a little choppy as it briefly touched 133.00 a couple of times during the session.

Besides that, the euro got a bit of a bounce early on with EUR/USD moving up from 1.0600 to 1.0635 before trading in between that range during the session as traders are still nervy while keeping an eye out on the ECB.

It seems like we're stuck in a bit of a time warp, as markets are still uncertain about the whole banking crisis but wanting to move on. However, they can't really as there are still some quarters afraid that central banks may ruin in the next week or so.