EUR/USD flows: Consolidating into w/e, risk heavy but choppy

Still somewhat slower heading into the weekend, though the heavier corrective risk tone is still prevailing – Nasdaq future off 1% to be inching a low for the week. It still needs to go some way further to be actually breaking down from an 8-week top if that’s how this choppier action if recent weeks is to play out.

Overnight, that’s enough for antipodeans to inch new lows by a few ticks, metals also still soft, also but still currently overall levelling out in oversold consolidation. EUR/USD also currently in consolidative action off the mid-week lows to unwind oversold readings. US2 year has pared back some 15bp of the FOMC stretch now, though Schatz has pretty much done identical too against the wider market backdrop and with oil in the $70s. On the latter, also some levelling here after a strong run to fill the pre-Iran gap and with some mixed news yesterday breaking the run (UN halts escort of ships after one struck apparently by Iran after it was said to stray off approved routes).