The start of the session looked to be one that was softer for risk trades, but then equities recovered some ground and the dollar slipped. And while most of that is still holding, we are seeing Treasury yields keep lower and in the commodities space, precious metals and now oil are not having a good day out it would seem.
10-year yields are down 4.7 bps to 3.460% at the lows for the day and that is taking down USD/JPY to 135.70 at the moment. Meanwhile, WTI crude has turned negative to be down 0.8% to $70.70 currently with gold down 0.6% to $2,009 and silver down 1.1% to $23.85 on the day.
It's a mixed bag out there with US futures keeping rather tepid and tentative, similarly for European stocks, while the dollar is just slightly lower on the balance of things now.
I think the lack of cohesion among broader markets tells us that there are plenty of opposing forces in play as traders are trying to balance out which narrative to stick with. The US retail sales data later may perhaps provide some assistance but we'll see.
