All eyes are on the US non-farm payrolls data coming up later today but broader market sentiment is taking a hit as traders switch to a flight to safety mode. Treasury yields have plunged considerably with Fed odds resetting as there is significant concern involving the possibility that SVB may fail.
But when you look over to the major currencies space, there doesn't seem to be much going on. The yen is the only notable mover so far today, down 0.4% against the dollar after the BOJ left monetary policy unchanged in Kuroda's final meeting.
Eventually, something's gotta give but perhaps not before we get to the jobs report later today and when Wall Street gets another shot at playing out the SVB situation later in the day.
There will be some releases to move things along while we wait on that, with UK January GDP on the cards. The estimate is for a measly 0.1% growth in the first month of the new year.
0700 GMT - Germany February final CPI figures
0700 GMT - UK January January monthly GDP data
0745 GMT - France January trade balance data
That's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
