There was so much promise and hope for equities coming into the new year but we’re seeing all of that get dashed on opening day as the mood turns sour. US futures were little changed and marginally higher to start the session but are now down all the way amid a steep drop in the past hour or so.

S&P 500 futures are now down 0.7% with Nasdaq futures down 1.0% and Dow futures down 0.5% currently. That has also seen European indices erase their early gains as well with the Eurostoxx down 0.4%, DAX down 0.3% and CAC 40 down 0.4% on the day.

It is still early on but all of this is helping to see the dollar firm further across the board in a run against the supposed consensus outlook for 2024.

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