Futures have roamed back and forth today but are flat ahead of the equity open. Eyes have turned towards Friday’s non-farm payrolls report and I’d expect to see some position squaring ahead of that.
There is clearly a tailwind from Treasuries with yields down another 3-5 across the curve to cycle lows. Lower borrowing costs are objectively good but many in the market see plunging yields and worry that someone knows more than they do or that the bond market is flashing signs of trouble in the economy.
This article was written by Adam Button at www.forexlive.com.
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