Headlines:
- EUR/USD looks to try and get out of the mud
- US futures pare slight declines from earlier
- The bond market invites more questions ahead of month-end
- UK February CBI retailing reported sales -7 vs -50 prior
- SNB total sight deposits w.e. 23 February CHF 480.5 bn vs CHF 477.1 bn prior
- G7 finance ministers, central bankers reportedly set to meet later this week in Brazil
Markets:
- EUR leads, NZD lags on the day
- European equities mixed; S&P 500 futures down 0.1%
- US 10-year yields down 1.8 bps to 4.242%
- Gold down 0.1% to $2,032.85
- WTI crude down 0.5% to $75.71
- Bitcoin up 0.2% to $51,115
It was a quiet session as traders struggle for much conviction after last Friday's events.
Bonds were slightly bid still, with 10-year Treasury yields dropping to 4.22% before bouncing a little to around 4.24% now. Meanwhile, equities were more subdued and continuing to consolidate the gains from last week.
As such, that isn't giving much for major currencies to work with as well. The euro is the only decent mover on the session, with EUR/USD nudging higher from 1.0820 to 1.0855 as it looks to come unstuck. Besides that, the action was uninspiring elsewhere with most other major currencies keeping little changed against the dollar.
The lack of any key data releases today is also not helping with the overall mood. But as we look towards the next few sessions, do be reminded to take month-end flows into consideration in looking at the market moves this week.
All that before the focus and attention turns towards central bank meetings and next Friday's US non-farm payrolls.