Headlines:
- Oil jumps as Russia reportedly suspends oil flows via southern leg of Druzhba pipeline
- Euro nudges a little higher on the day
- BOE's Ramsden does not rule out rate cuts in the next year
- US July NFIB small business optimism index 89.9 vs 89.5 prior
- China military says it will continue drills around Taiwan today
Markets:
- EUR leads, CAD lags on the day
- European equities lower; S&P 500 futures down 0.2%
- US 10-year yields up 3.6 bps to 2.80%
- Gold up 0.1% to $1,791.13
- WTI crude up 1.3% to $91.91
- Bitcoin down 3.1% to $23,320
It was a quiet session with little in terms of headlines or narratives for market participants to work with. The lull is a reflection of one of those summer's day in Europe with not much to really pin any market moves on.
The euro crept higher a little alongside the pound as the dollar was a little sluggish but ultimately, the moves aren't anything that stands out from a technical perspective. EUR/USD moved up from 1.0200 to 1.0247 before holding around 1.0220 levels now.
USD/JPY remains more pensive in and around the 135.00 mark as bond yields push a little higher after yesterday's drop. All eyes are on the US CPI data tomorrow to really firm up any convictions.
Meanwhile, commodity currencies are a fair bit languid but the ranges against the dollar remains somewhat tight (less than 30 pips) so I wouldn't look much into it. AUD/USD is down 0.2% to 0.6970 levels now as risk appetite is sapped a little with US futures trading slightly lower ahead of North America trading.
The US consumer inflation report in the day ahead can't come soon enough.