The loonie and dollar are leading the charge so far today
After its worst decline since 1991, oil is bouncing back a little - up by over 7% on the day - and that is helping to keep the loonie underpinned to start the session.
US stock futures are also up by over 3%, alleviating some of the pain from the sharp drop yesterday. Meanwhile, Treasury yields are also keeping higher with 10-year yields up to 0.67%, helping to see the dollar keep firmer on the day.
As such, the greenback is pushing gains against the rest of the major currencies bloc with the franc and yen the notable laggards amid the risk mood today.
USD/JPY moved higher to test 105.00 before backing off slightly to 104.50-70 levels.
It is looking to be a bit of a breather for investors after the meltdown yesterday with the risk mood still ever so fragile amid the uncertain economic outlook.
However, with negative headlines still set to flood the wires it will be hard to see the market move on from virus fears so easily but perhaps there is potential for a 'dead cat bounce' for the time being.
Again, in situations like these, look towards the charts for any signs of a shift in near-term bias or sentiment. That will help a lot more than trying to pick bottoms.
