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Major currencies strike a calmer tone despite risk headwinds

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Little change among major currencies to start European trading

FX

This comes despite a more defensive risk tone observed elsewhere with European equities tracking lower and US futures marked down rather substantially.

10-year Treasury yields are also down 2.5 bps to 1.244% though that isn’t quite translating to yen gains on the day – at least for the time being.

I reckon the market is waiting for a confirmatory nod from Wall Street before really taking to the risk-off mood we’re seeing to start the day. Either that, or if the risk aversion deepens, that may start to see more of a reaction in FX in European trading.

As such, major currencies could still see a jolt before all is said and done on the day/week but keep in mind that month-end flows may play a role going into the fix later too.

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