Headlines:

Markets:

  • AUD leads, USD lags on the day
  • European equities higher; S&P 500 futures up 1.2%
  • US 10-year yields up 1.2 bps to 2.172%
  • Gold up 0.2% to $1,921
  • WTI down 0.5% to $95.98
  • Bitcoin up 2.5% to $40,428

There are some positive undertones in the market as equities are pushing higher, building some steam from the gains yesterday. Bond yields are also higher, holding at multi-year highs as markets wait on the FOMC meeting decision later today.

Russia-Ukraine talks are still ongoing but an agreement remains some ways off, though Russian foreign minister Lavrov did say that there is "hope for compromise".

The dollar is trading more sluggishly with EUR/USD moving up from 1.0970 to 1.1000. Meanwhile, commodity currencies held firmer across the board with USD/CAD retreating from 1.2750 to 1.2705 and AUD/USD up from 0.7205 to 0.7250.

USD/JPY was more steady, holding at over five-year highs around 118.20-30 levels as both the greenback and the yen struggled for any traction on the session.

US retail sales will be coming up next but all eyes are on the Fed today.