General risk sentiment is still trading more cautious following yesterday’s US CPI surprise.
Equities: Mostly flat to lower across US, EMEA and Asia-Pac equity futures. We’ve seen a marginal attempt at clawing back some of yesterday’s post-CPI losses but equities remain cautious.
Commodities: A mixed bag right now with energy lower, precious metals mixed with gold and platinum higher while silver is down, and base metals mixed as well with iron ore up but copper lower.
Bonds: Trading mostly lower across 2’s, 5’s and 10’s this morning. Not a surprise after yesterday’s beat in US CPI though, and we still have US PPI coming up later in today’s session. Should be fun.
FX: Strangely trading more positive on the risk side with the NZD and AUD strongest on the session, while the CHF is the clear underperformer. No intervention in sight despite the USDJPY breaching 153 earlier in the session.
Cross Asset Grid (11 April 2024)