The dollar returned to favour alongside the Japanese yen in trading yesterday, as rates fell off and stocks were battered. It was a classic risk-off mood as worries surrounding global growth just won't go away and that is leading to more pushing and pulling action in the past week.
Major currencies are mostly little changed today as equities are seeing a light reprieve, with S&P 500 futures up 0.4%. 2-year Treasury yields are also seen up 3 bps to 3.926% after yesterday's tumble, with 10-year yields little changed at 3.405% at the moment.
It looks like traders are definitely feeling rather weary on the week and are unable to settle on a firm mood ahead of the Fed next week.
Month-end trading and a slew of big economic data on Friday might help to shake things up before the weekend. But until we get there, we might be in for a bit more of a snoozefest today and tomorrow.
0600 GMT - Germany May GfK consumer sentiment
0645 GMT - France April consumer confidence
0800 GMT - Switzerland April Credit Suisse investor sentiment
1000 GMT - UK April CBI retailing reported sales
1100 GMT - US MBA mortgage applications w.e. 21 April
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.