Risk trades are faring better on the day, building from the optimistic late bounce in US equities yesterday. Of note, the Nasdaq was down over 2% at one point but salvaged a 0.1% gain by the time the closing bell rang. More details on the wild swings here.

That said, it still doesn't take away what has been a rather dreadful week for stocks and risk in general. The S&P 500 still looks set to close below its 100-week moving average even if it managed to stave off a 20% drop from the highs - at least for now.


S&P 500 futures are up 0.9% currently with Nasdaq futures up 1.3% on the day. But just a reminder, it is still early and we could see some more wild swings before the week comes to an end.

The flow into bonds is also relaxing with Treasury yields marked higher today. 2-year yields are up 6.4 bps to 2.586% and 10-year yields up 6.9 bps to 2.885% at the moment. In turn, that is helping to relieve some of the downside pressure on yen pairs from yesterday.

USD/JPY is now up 0.5% to near 129.00, though the dollar itself is seen losing some light ground across the board elsewhere.

EUR/USD is up 0.1% to 1.0390 with sellers looking to push below 1.0400, nearing a test of the December 2016 to January 2017 lows around 1.0340-52. Meanwhile, AUD/USD is also up 0.4% to 0.6880 but it isn't anything technically significant after having dropped for six straight days from its 100-day moving average around 0.7266 last week.