The leaders of the major bloc are the JPY, CHF, and USD
Equities in Europe has opened with a sea of red, and that's enough of a signal for FX traders to reaffirm the current market sentiment.
As fear starts spreading across the continent (from Asia to Europe), it's triggering a safe haven play on the back of risk off sentiment. That's helping to underpin bonds in Europe for now and we've seen US yields fall a little from 2.731% to 2.708% now.
The focus of the market has been the bond rout/yields breakout and that's starting to impact the equities market as well - with likely portfolio rebalancing among those talks since dividend stocks are getting less and less attractive.
It's easy to shift into "high yielding" government bonds, which don't present as much risk as speculative/junk bonds, and a move away from equities (especially at a quick pace) to bonds also works as a safe haven play too. It's a win-win on both fronts.
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