Risk tones continue to stay on the defensive
US futures looked to have calmed down a little mid-way through European morning trade but are now pulling back lower again as we’re about 30 mins from London midday.
S&P 500 futures are down to the lows for the day with Nasdaq futures and Dow futures also falling. That is keeping yen pairs more on the defensive too, with USD/JPY now trading to fresh session lows of 109.27.
That aside, the S&P 500 and Dow both still posted record highs last Friday so a pullback amid softer risk tones (good excuse for profit-taking) isn’t entirely surprising.