Equity markets stole the spotlight across financial markets yesterday with both US and European indices closing lower to the tune of 2.5% – 3.5% on the day. Once again, risk-off flows dominated as participants focus on the rocky road ahead for central banks. Slowing growth, rising inflation, and interest rates hikes required to bring prices rises back down to normal levels.
Currency markets also saw their fair share of volatility with the greenback seeing strong bids across the morning only to give these gains back as US traders and dealers arrived at their desks.
Today’s economic calendar is rather light. The main piece of data in focus will be German ZEW economic sentiment numbers which are due for release at 10 am.
Written by Viv Savani. 8:33am, May 10th 2022
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