The risk mood was seen steadier at the open in Europe this morning but has quickly turned in the last hour or so. S&P 500 futures are now down 0.5% with Nasdaq futures down 0.8%. Meanwhile, Dow futures are also down by 0.5% currently. That is putting a drag on European equities as well while propping up the dollar and yen in FX.

I’m not seeing any clear cut catalyst for the move but it is all coming as we look to greet Wall Street from the long weekend later in the day.

US stocks endured a bumpy ride last week and that was only salvaged by a jump on Friday. In particular, it was the final two hours that saw equities rebound at the time. Something, something, month-end or whatever.

For this week, it’s all about US data so it is perhaps still too early to say much about the move we’re seeing here.

In any case, it is putting a light bid in the dollar with EUR/USD and GBP/USD both down 0.3% to 1.1035 and 1.3110 respectively.

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