The dollar and yen are gaining ground despite the more positive risk mood
The market is hinting at very mixed tones at the moment as we are seeing the dollar and yen firm a little to start the European morning.
Notably, AUD/USD is falling back under its 100-hour MA (red line) after buyers attempted to keep a break above the key near-term level earlier today.
The same is also the case for AUD/JPY as we see other yen pairs such as EUR/JPY and GBP/JPY fall to session lows on the day currently.
It is tough to make sense of the moves here as this is all coming against the backdrop of a firmer risk appetite, though we have seen US futures ease gains in the past 10-15 mins.
S&P 500 futures are up by 2.8% while Treasury yields have also pared some of its earlier advance, with 10-year yields up by 2 bps to 0.648% - though at the lows.
Given the price action in gold and the moves here, the market is hinting at very mixed feelings and it is all changing from hour to hour that it is tough to capture the full picture.
