The USD is weakening against most of the G10 - ANZ

Analysts at ANZ noted the current themes in the market.

Key Quotes:

"Equities are lower with the USD on the back foot, while the treasury curve continues to flatten. Commodities remain under pressure, but have bounced from their lows.

At the US open equities were marginally higher before being propelled lower by a weak Chicago Business Barometer (55.2) reading.

European bourses followed, with USD selling off and yields rallying. However, after it was reported that in fact the actual measure was 59.4, we saw the moves partially reverse. US equities are down 0.2-0.3% at the time of writing after being down as much as 0.5%.

European bourses closed mixed with DAX gaining and Euro Stoxx declining.

The US treasury curve initially gave up gains, but ground lower through the US afternoon with the curve bull flattening.

Elsewhere, UK yields rose about 5bps and GBP was sold after a YouGov poll suggested PM May’s party could fall short of a majority.

The USD is weakening against most of the G10, aside from the commodity bloc, with EUR up 0.5%.

AUD and CAD were hit by new cycle lows for iron ore and oil, with the latter shedding close to 3% overnight. Gold rallied 0.6% to USD1270/oz at the time of writing. "