Headlines:Markets:GBP leads, AUD lags on the dayEuropean equities higher; S&P 500 futures up 0.4%US 10-year yields down 2.4 bps to 4.133%Gold down
Headlines:
Markets:
- GBP leads, AUD lags on the day
- European equities higher; S&P 500 futures up 0.4%
- US 10-year yields down 2.4 bps to 4.133%
- Gold down 0.3% to $1,676.01
- WTI crude down 0.9% to $91.73
- Bitcoin down 1.9% to $20,730
Over the weekend, China tried to set the record straight that they are not moving away from their zero-Covid policy and that weighed on market sentiment as the new week began. The dollar opened with a gap higher and equities were sluggish, with oil also opening with a gap lower – down by over 1%.
The mood persisted through the transition from Asia to Europe but quickly faded once European investors and traders entered the fray. The dollar lost a bit of ground against the euro and pound initially before falling against the commodity currencies as well, as major currencies filled the opening gap lower against the greenback.
The move came as S&P 500 futures also turned a 0.5% drop to gain by around 0.6% at one point in European morning trade. Meanwhile, Treasury yields are slightly heavier at the long-end of the curve as broader market sentiment recovered from the early setback.
EUR/USD raced higher from 0.9930 to 1.0006 before keeping just below parity while GBP/USD pushed up from 1.1300 to 1.1476 before backing down slightly upon testing its 200-hour moving average at 1.1463 currently.
Meanwhile, AUD/USD also erased its drop from 0.6410 to 0.6476 before keeping flattish around 0.6460 now as we look towards North America trading.
There’s plenty to play for later in the week with the US midterms and inflation data still to come, so we might see markets stay more on edge in the run up to the key risk events.
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