Rising yields is the key theme to take note of on the day and for now, that is leading to more defensive equities sentiment as tech stocks are dragged lower going into European trading.

That might lead to broader risk aversion tones later in the day, so it is something worth watching just in case.

The dollar is keeping steadier for the most part, advancing against the aussie and kiwi while holding its ground against the euro and pound so far on the day. EUR/USD is trading back just below 1.1400 while GBP/USD is testing its 200-hour moving average @ 1.3627 as price backs further away from its 200-day moving average of 1.3732.

Elsewhere, it is pretty much make or break time for oil as outlined here. I'm lightly scaling out of oil longs at these levels as there is a likelihood of a pullback amid some technical exhaustion. But if we are to see a break of the key resistance region, expect the next leg higher to be one that is rather forceful.

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