Ahead of the US open, risk assets have come off their best levels with US index futures turning flat and crude oil lower.
In FX, all the pairs we track in this report have remained within their respective Average True Range (ATR) percentiles, suggesting it has been a quiet day – as we had envisaged in our week ahead outlook, before volatility picks up later in the week with a plethora of central bank meetings to come.
For what it is worth, the euro has outperformed especially against the likes of the AUD, NZD and JPY
US Empire Fed Manufacturing Index slumped to -8.6 vs +11.0 expected - biggest fall on record, to its lowest since Oct 2016 . There are no other important North American data due for release today
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