In a market wrap, analysts at TD Securities explained that markets are in full risk-off mode, with equities posting large losses (SPX: -3.3%, TSX: -2.1%) following a bearish session in Europe.
"There was no single catalyst although concerns over the selloff in Treasuries and trade tensions have contributed to the downbeat tone. 10yr USTs made another run at 3.25% but fell short before rallying 5bps from session lows. Meanwhile, the Canadian curve bull-steepened on a 3bp rally in 2s."
"JPY (+0.5%) was the top-performing G10 currency against the USD amid the soft risk backdrop while USD/CAD (+0.7%) closed above 1.30 for the first time in October amid a pullback in oil prices (WTI: -2.8%)."
"NZ food prices and an RBA speech are on the radar today."
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