Technical Analysis

All quiet so far in European morning trade

The dollar is a touch higher but ranges are relatively narrow, so there isn’t much to really comment on. This comes as we see a bit of a bounce in Treasury yields after the plunge yesterday. 10-year yields are up 4 bps on the day to 3.46% but still keeping below the key technical level noted here after the break in US trading the day before.

Equities remain tepid with European indices little changed. Meanwhile, S&P 500 futures are up 4 points, or 0.1%, and that also isn’t saying much although the cash market will have a test of its 100-day moving average to contend with later today as pointed out here.

It is shaping up to be a bit of a sideways session as broader markets lack the appetite and conviction ahead of next week’s main events.

We will get a bit of a taste of things via the US PPI data tomorrow but until then, we may have to just settle for a bit of nothingness in between.

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