Slightly softer tones in early trades
- German DAX futures -0.1%
- UK FTSE futures -0.2%
- Spanish IBEX futures -0.2%
This mirrors the tone in US futures, which are down around roughly 0.1% as we look to get things going on the session. The overall risk mood remains more tepid with bond yields sitting lower on the day and that is weighing on yen pairs in general.
The aussie is a notable laggard in the FX space as the RBA reaffirms a dovish stance even if it starts to open the door for rate hikes in 2023 - still ruling out a move next year.
But it's all about the Fed tomorrow so don't expect much firm direction - or at least much takeaway from it - in the sessions ahead.
