- GBP leads, CHF lags on the day
- European equities lower; S&P 500 futures down 0.4%
- US 10-year yields down 1 bps to 4.16%
- Gold up 0.4% to $2,028.43
- WTI crude up 0.7% to $77.39
- Bitcoin up 0.3% to $49,977
Even with all eyes on the US CPI data later today, there were some decent moves in European trading.
The pound was the early mover as it nudged a little higher after a strong UK labour market report. It may come with some caveats as the ONS reweighted its methodology starting with this release but traders are taking things at face value for now.
GBP/USD moved up from 1.2620 to 1.2675, though remains rangebound in the bigger picture between 1.2600 to 1.2800 again.
Then, there was the softer Swiss inflation report and that resulted in a modest drop in the franc currency. USD/CHF ran up to test its 100-day moving average at 0.8807 and is holding just below that now, up 0.4% on the day. This comes as traders are perhaps eyeing a potential March rate cut by the SNB next.
The rest of the major currencies bloc were mostly little changed as the dollar is keeping steady awaiting the US CPI data.
In other markets, equities sagged as tensions are building ahead of the main event later while bond yields are marginally lower at the balance.