The risk rout takes a bit of a breather going into European morning trade

Light bounces in US futures, Treasury yields

After the sizable moves yesterday, the shallow bounces so far today is one that can be expected. Hence, this may just be a bit of a breather more than anything else.

US 10-year yields are holding back above 1.20% in a slight bounce today but it doesn’t absolve the pressure established from the lower highs, lower lows since May.

If this is truly down to a resurgence in COVID-19 worries, there is still a likelihood of things getting worse before they get better.

The charts elsewhere, particularly in FX, are still showing extreme vulnerabilities with the aussie and kiwi dragged to their lowest levels this year in trading today.

Elsewhere, US futures are a little higher with S&P 500 futures up 0.3% but it is still too early to discount any shift in sentiment towards being softer later in the day.

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