There isn’t much of a theme so far in the first 5.5 hours of the trading day. The US dollar is modestly higher across the board, particularly against GBP and NZD. But stronger early gains have faded and we’ve settled into sideways trading.
Perhaps a hint of what’s to come is in the bond market where US 10-year yields are up 0.7 bps. S&P 500 futures are down 4 points or 0.1% but that’s better that I would have expected given the terrible guide from Snapchat.
On the flipside, there’s a small bid in bitcoin and ethereum so that could be promising. In terms of upcoming data, we’ll get UK and Canadian retail sales along with comments from the Fed’s Williams before the Fed blackout hits on Saturday.
