Major currencies are mostly subdued with risk appetite also sapped to start the day. The aussie and kiwi are decent movers, carrying over the momentum from yesterday here. Meanwhile, the dollar remains steady with EUR/USD holding near 1.0800 and USD/JPY still gyrating in and around the 150.00 mark.
In the equities space, there is some tentative caution as we await Nvidia earnings later in the day. In the bond market, Treasury yields are not really doing a whole lot and that is not helping with the overall mood.
Instead, it is in the commodities space that we are seeing some notable developments this week. Gold is up 0.3% to $2,030 again as the run higher looks to continue. Meanwhile, natural gas could be looking to come up for some air after being beaten down heavily over the past month or so.
Looking to European trading, there won’t be much on the data docket to really shake things up. As such, barring any major changes in yields and risk sentiment, we are likely to see another quiet session. All that before we get to the FOMC meeting minutes release later in the day.
1100 GMT – UK February CBI trends total orders
1200 GMT – US MBA mortgage applications w.e. 16 February
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.