This largely reflects the mood seen in Asian stocks and US equity futures, which are roughly up 0.6% as we begin the session.

The franc is a tad weaker as such but so far there hasn’t been much response among other major currencies – notably the yen – despite higher bond/Treasury yields as well. USD/JPY holds flat at 106.38 currently, little changed over the past few hours.

Looking ahead, I reckon we’ll have to see if the positive risk mood here can last the course or extend more. Otherwise, trading should be rather choppy and a bit disinterested as the ebb and flow continues to dictate market sentiment for now.