It's been a quick turn in the past 15 minutes as we see the jitters return to markets again. This comes ahead of European trading and despite the supposedly more optimistic headlines overnight, in which we saw a takeover of Credit Suisse by UBS and major central banks pledging to enhance dollar swap lines to bolster liquidity.

Broader markets cheered the headlines with risk trades opening with a gap higher earlier today but has seen that close all over the place now. 2-year Treasury yields are down over 30 bps from its highs of 4.029% earlier to 3.705% now (down 15 bps on the day):


That is taking yen pairs down along with it, as we see USD/JPY also drop by 0.3% to 131.30 after having been as high as 132.65 in Asia trading today.