US 10-year yields ticked above 3% again before falling back to 2.995%.

That push higher along with Italian 10-year yields nearing 3% isn't helping the risk mood. Traders are continuing to delever ahead of the FOMC decision and the Nasdaq is now down 2%.

All that is feeding back into US dollar strength, particularly against the commodity currencies and cable. Keep a close eye on the latter as it makes another bid for 1.2450.