February 3, 2023

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Risk continues to keep more defensive for the time being

1 min read

The sour tones from China weighed on sentiment earlier but the bleeding has stopped as local markets are closed now

That is perhaps helping to see the pullback in risk trades abate slightly as the focus now turns towards European trading and attention turning back to the Fed tomorrow.

Also, just be mindful that Wall Street has a knack for turning things around and I wouldn’t rule that out in the session ahead. That said, with equities at the highs and month-end in focus too, that adds to some considerations instead of the constant buying.

US futures are still sitting lower, with S&P 500 futures down 0.4%.


10-year Treasury yields are lower, down a little over 2 bps to 1.254% but off the earlier low of 1.241% at least. In FX, the dollar and yen are the two gainers with commodity currencies still on the defensive but off earlier lows as well for the time being.

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EUR/USD keeps just below 1.1800 still, sticking with the narrow range in the past week or so while USD/JPY is off a low of 110.00 at around 110.10-15 now.

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