• Ahead of the US open, risk assets have come off their best levels with US index futures turning flat and crude oil lower.
  • In FX, all the pairs we track in this report have remained within their respective Average True Range (ATR) percentiles, suggesting it has been a quiet day – as we had envisaged in our week ahead outlook, before volatility picks up later in the week with a plethora of central bank meetings to come.
  • For what it is worth, the euro has outperformed especially against the likes of the AUD, NZD and JPY
  • US Empire Fed Manufacturing Index slumped to -8.6 vs +11.0 expected – biggest fall on record, to its lowest since Oct 2016 . There are no other important North American data due for release today

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