Headlines:
- EUR/USD stays in the hunt for that upside break this week
- A warning signal on China's post-Covid recovery
- Eurozone April final consumer confidence -17.5 vs -17.5 prelim
- SNB provided $121 billion in emergency liquidity to support UBS' takeover of Credit Suisse
- Goldman Sachs raises forecast for BOE rates to peak at 5%
Markets:
- NZD leads, CHF lags on the day
- European equities mixed; S&P 500 futures up 0.5%
- US 10-year yields up 3 bps to 3.46%
- Gold up 0.5% to $1,998.35
- WTI crude up 0.5% to $74.65
- Bitcoin up 1.9% to $28,950
It was a quiet session for the most part as headlines were few and far between in European trading today. A lack of key economic releases didn't help with that as markets settled into a more sideways mood on the session.
Regional equities are mostly little changed but recovered after a mildly softer open, as US futures - tech in particular, again - are buoyed on the day. Bond yields are also holding slightly higher and that is keeping the calm ahead of the US Q1 GDP data later as well as some key risk events on Friday tomorrow.
The mood in FX was more lackadaisical with the euro, pound and yen all keeping little changed against the dollar.
The only decent movers were the antipodeans, which already came during Asia. AUD/USD is up slightly by 0.3% to 0.6615, recovering a bit from six-week lows. Meanwhile, NZD/USD is up 0.5% to 0.6150 as sellers lack some follow through to test the 0.6100 mark.
There's not much else to comment as it was a bit of a placeholder session, so we shall see if markets will have any appetite to move after the US data later. If not, it might be a bit of a wait until tomorrow's events.