Easy come, easy go
10-year yields have now fallen back down to 1.174% after having settled around 1.20% to 1.21% in early European trading.
With this, USD/JPY has also erased its earlier advance from 109.70 to fall to session lows now just under 109.40. European indices have also largely erased its earlier advance with US futures trimming

The market breathes in an air of calm so far in European trading
After the sharp declines yesterday and the deterioration of the risk mood, things are looking calmer today with European indices up by around 0.8% to 1.0% while US futures are also gaining modest ground; S&P 500 futures up 0.5%.

Bitcoin stays in a precarious spot to start the new week
Essentially, nothing has changed for Bitcoin since my last post .
here
It is down 1.5% on the day, keeping below $32,000 but added downside pressure is still hard to come by as the $30,000 level still holds for the time being.

USD/CAD hits 1.2800 for the first time since 5 February
The march higher in USD/CAD continues as buyers extend the upside break after (blue line) earlier in the day.

Remarks by BOE policymaker, Jonathan Haskel
– That is the case for the foreseeable future
– Immense support might have helped economy avoid deep scarring
– Risk of preemptive monetary tightening continues to outweigh the risk of temporary period of above-target inflation
The last line pretty much tells us where he stands and that somewhat contrasts with the remarks

10-year Treasury yields fall by close to 5 bps to 1.25%
The brief retreat early last week proved to be nothing more than what the name suggests as the series of lower highs and lower lows continues for Treasury yields.

Latest data released by Eurostat – 19 July 2021
Overall, this reaffirms a gradual improvement in the construction sector though the road is still bumpy with supply chain disruptions a key risk to watch.

Oil production output levels are on the agenda for this weekend meeting following last week’s agreement between Saudi Arabia and the United Arab Emirates:
The previous OPEC+ meeting finished, after being extended for 3 days to try to reach a resolution, without an agreement. The differences boiled down to the United Arab Emirates seeking an increase in its

Forex news for New York trade on July 16, 2021:
Markets:
– Gold down $18 to $1810
– US 10-year yields down 0.2 bps to 1.295%
– WTI crude oil down 18-cents to $71.41
Retail sales were much stronger than expected and the strength was broad-based but the FX market largely cast the report aside after an initial pop in

Closing changes for the main North American indexes
I think the chart to watch is the Russell 2000. It’s been consolidating since late January and this is the worst weekly close in the index since then. The intraday lows narrowly below here are probably what matters though. If those crack, we could be in for a