Friday’s risk-off sentiment extended its reach to provide a sea of red for equity markets across all regions. Chinese equities led the way lower, with the China A50 index currently down -2.3% and Japanese markets on track for their worst day this year.
Bond yields remain under pressure, with the Australian 10-year yield hitting a fresh record low. Although it nudged its way to a 3-day low, AUD/USD is holding up quite well considering. The US10Y is residing just above Friday’s low at 2.44%.
JPY was the strongest major in the first half of the session on safe-haven flows, although with all pairs trading within their average daily ranges, volatility remains contained. Japan’s 10-year JGB sank to its level since August 2016. CAD and NZD are currently the strongest majors (ever so slightly…) GBP and CHF are the weakest whilst USD sits in the middle of the pack.
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