Here's a snapshot of things so far today:

  • Eurostoxx -0.7%
  • Germany DAX -0.7%
  • France CAC 40 -0.8%
  • UK FTSE -0.3%
  • S&P 500 futures -0.6%
  • Nasdaq futures -0.6%
  • Dow futures -0.5%

The selloff in bonds yesterday is definitely throwing some caution up in the air. But despite the retreat in the last two days, things aren't all that bad for equities in May. Coming into today, the S&P 500 is still up over 5% on the month and the Nasdaq closed at a record high yesterday. And even the Dow is still up 2.7% on the month after the declines in the last one week.

In Europe, the CAC 40 and UK FTSE may be down to fresh three-week lows after touching record highs earlier this month. However, the DAX is still in a good spot just off record highs earlier in May and is up over 3% this month. In fact, even the CAC 40 and UK FTSE are still holding on to slight gains in May trading.

Besides, it's month-end too and that might be a reason that we're seeing investors take some off the top here.

But whatever the case is, it's not really reverberating to FX so far today. Major currencies are still relatively muted with dollar pairs holding within 0.1% change to one another currently. It's yet another snoozer of a session for FX.