From Marc Chandler at Bannockburn Global Forex:
Overview: The dollar is narrowly mixed against the G10 and emerging market currencies today. The euro is little changed, holding on to last week's gains, after the surprising French election results, where the focus shifts finding a prime minister that can carry a majority of the new and closely divided National Assembly. Despite firm underlying wage data, the Japanese yen has given back its initial gains, and the dollar is pushing back above JPY161 in the European morning. The Mexican peso's 0.35% gain puts it atop the emerging market scoreboard today. Most central European currencies are softer.
European benchmark 10-year yields are mostly 1-2 bp higher and the French premium over German has narrowed slightly. The 10-year US Treasury yield fell 11 bp last week and has come back about three basis points higher today near 4.31%. The two-year note yield fell 15 bp last week and is also about three basis points firmer today around 4.64%. The large equity markets in the Asia Pacific region began the week on a soft note, with nearly 1.4% gain in Taiwan the notable exception. It was the fourth days of gains and set a record high. Europe's Stoxx 600 rose 1% last week and is up almost 0.5% today. US index futures are slightly softer. Gold approached $2400 before the weekend and is off around $20 today to trade almost $2370. Support is seen near $2350. August WTI appears to have put in a double top last week around $84.40. The measuring objective is near $80.50....
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