<p style=““ class=“text-align-justify“>10-year Treasury yields are at the highs for the day, up 7 bps to 4.084%. The selling in bonds is eating into a big chunk of yesterday’s gains and that is seeing stocks pressured, with Nasdaq futures now down 0.6%. S&P 500 futures are also down 0.1% now and the pressure is also keeping up among European indices. The DAX and CAC 40 are both down 0.8% at the moment.</p><p style=““ class=“text-align-justify“>In turn, the mood is seeing the dollar find firmer footing after the selloff since Friday. EUR/USD is down 0.4% to 1.0035 but still stuck in there in between large option expiries at parity and below its 100-day moving average as noted earlier <a target=“_blank“ href=“https://www.forexlive.com/news/eurusd-runs-up-against-key-resistance-with-ecb-in-focus-today-20221027/“ target=“_blank“>here</a>. The ECB is still the main focus for both the euro and broader market sentiment today.</p><p style=““ class=“text-align-justify“>Elsewhere, USD/JPY has also <a target=“_blank“ href=“https://www.forexlive.com/news/usdjpy-erases-early-drop-to-turn-flat-on-the-day-20221027/“ target=“_blank“>erased earlier losses to keep flattish</a> close to 147.30 currently while GBP/USD is down 0.5% to 1.1565 now. The aussie is the laggard, down 0.8% to 0.6447 against the dollar as a 4% drop in Dalian iron ore prices is also weighing on the currency alongside the more sluggish sentiment above.</p>

This article was written by Justin Low at forexlive.com.