Market tension ahead of tonight’s US payroll data was illustrated by a minor US labour report which was weaker than expected, causing bond yields and the US dollar to fall. The S&P500 is down 1.1%.

Bond yields fell and rose for little net change, amid Fed Chair Powell’s repeated testimony and some solid US data. Currencies were contained, while equities fell slightly, the S&P500 down 0.3%. The Bank of Canada’s policy rate was unchanged.

Equity sentiment improved slightly further, markets waiting for Friday’s important US jobs data to provide direction. Bond yields rose slightly, after some hawkish ECB comments, while currencies were mixed, the AUD and NZD underperforming.

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

Bond yields and the USD fell and risk sentiment rose (S&P500 +1.6%) as market expectations of Fed tightening stalled, encouraged by US services ISM data.

Bond yields rose in the wake of stronger economic data in the US and Europe, and hawkish Fedspeak. The USD underperformed, and the S&P500 is down 0.6%.

The AUD and NZD were supported by slightly positive risk sentiment (S&P500 +0.3%), while bond yields saw little net change.

US bond yields fell amid month-end rebalancing, and risk sentiment rebounded (S&P500 +0.7%). These two factors weighed on the USD.

US inflation data was stronger than expected, boosting bond yields and the USD and hurting risk sentiment. The S&P500 closed down 1.1%.

US economic data was mixed, weighing on risk sentiment and supporting the defensive USD. The S&P500 is down 0.3%.