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A light pullback with Jackson Hole still the main focus later this week

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Dollar higher, risk trades retreat slightly

As we look towards European trading, we’re seeing a mild pullback to the action so far on the week. Risk is slightly softer on the day with the dollar sitting higher among the major currencies bloc, although the ranges for the day are nothing outstanding.

FX

That leaves a lot to be desired and we may see said ranges stretch a little more going into European morning trade later today.

The aussie and kiwi are mildly softer as the virus situations in New South Wales and New Zealand respectively are still providing some cause for concern.

Elsewhere, US futures are down 0.1% but that comes off record closes in the S&P 500 and Nasdaq, so I wouldn’t say there’s any major souring in overall risk tones.

Oil is also down 0.6% to $67.20 after a solid rally to start the week, stalling near its 100-day moving average at $68.04.

Meanwhile, 10-year Treasury yields are keeping steadier at the highs around 1.295%.

It is still all about Jackson Hole this week so just be wary that we may see some stronger positioning play take shape in the days ahead.

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