Major currencies are keeping steadier so far today, with light changes overall. Even USD/JPY is “only” seeing a roughly 100 pips range, keeping flattish now near 149.40. The pair continues to see volatile swings in the last few sessions, not least with 10-year yields in the US falling below 4%.
The bigger story is the heavy selling in equities though. It came quite suddenly after the US market open yesterday, with tech shares bearing the brunt of the declines.
And that is spilling over to today as well, not helped by Amazon reporting softer sales after the close. S&P 500 futures are down 0.8% with Nasdaq futures down 1.3% currently. In Asia, Japanese indices are the ones being beaten down heavily. The Nikkei is down nearly 5% currently as we look towards the final hour of trading.
Looking to the European session, it will likely be a more cautious and pensive one in all likelihood. Traders and investors will wait for the US jobs report and will have to take stock of things after that when Wall Street enters the fray. But one thing is for sure, it’ll surely be anything but a summer lull kind of day again in markets.
0630 GMT – Switzerland July CPI figures
0730 GMT – Switzerland July manufacturing PMI
That’s all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
