The dollar rallied back yesterday, largely erasing its post-FOMC drop as markets piled everything into cash. Treasuries sold off heavily as well with 10-year yields surpassing the 3% mark, keeping at its highest since November 2018. Meanwhile, Wall Street was taken to the cleaners as tech stocks bore the brunt of the declines with the Nasdaq falling by 5%.As much as there might be a bit more of a pensive mood going into the US non-farm payrolls release, I don't think the report really matters all too much at this point. Stagflation risks coupled with a hawkish Fed continues to set the tone in markets and the overarching themes from April appear to be carrying over.In viewing the market situation now, Adam's posts on deleveraging are something worth taking note of:What is deleveraging and why it's so frighteningThe great deleveraging is underway, but how far do we have to go?0545 GMT – Switzerland April unemployment rate0600 GMT – Germany March industrial production0600 GMT – UK April Halifax house prices0700 GMT – Switzerland April foreign exchange reserves0830 GMT – UK April construction PMIThat's all for the session ahead. I wish you all the best of days to come and good luck with your trading! Stay safe out there.
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German industrial output, UK house prices on the agenda in European trading today
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