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In the UK, 10-year gilt yields are up by around 9 bps at the open to 4.03% while 10-year Treasury yields are up over 7 bps to 4.07% as we get things going in European morning trade. We are seeing broader market sentiment start to get unsettled by the moves, with the dollar advancing while equities have seen early gains dissipate.
EUR/USD is down 0.4% to 0.9815 while USD/JPY is trading to fresh highs since 1990 at around 149.47 – closing in on potential territory for intervention by Japanese authorities. GBP/USD is also pulled lower by 0.5% to 1.1262 and is slipping past near-term support outlined here, paving the way for a move towards 1.1200.
Meanwhile, commodity currencies are also holding lower now as equities slip. S&P 500 futures are up just 7 points, or 0.2%, as early gains were briefly wiped out as the nervousness creep in. AUD/USD is down 0.3% to 0.6290 as short-term resistance at around 0.6340-45 limits the latest upside push in the pair.
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