• NZD leads, JPY lags on the day
  • European stocks slightly higher; S&P 500 futures unchanged
  • US 10-year yields rose 3.4 bps to 3.852%
  • Gold fell 0.4% to $1,912.24
  • WTI crude rose 1.0% to $71.31
  • Bitcoin rose 0.9% to $30,649

It’s a brand new week, month, quarter and half year for the markets. But things usually start with a calmer mood.

Instead, the notable headline came from the oil market as Saudi Arabia said it would extend production curbs for another month, while Russia also cut oil exports by 500,000 barrels a day. This led to a sharp rise in oil prices, with WTI crude running from $70.30 to a high of $71.72, before currently holding around $71.31.

The dollar, meanwhile, is steady, holding modest gains as it covers some of Friday’s losses. USD/JPY continues to approach the 145.00 mark, but traders are still wary of the risks of an intervention from Japan.

EUR/USD is just below 1.0900, while GBP/USD dropped to a low of 1.2660 and is currently hovering around 1.2675, down 0.2% on the day.

There wasn’t much to work with the major currencies as stocks also fluctuate slightly. US futures are largely flat, while European indices are posting very small gains, hoping to build on the optimism of the latter stages of last week.

In the bond market, Treasury yields also face a key technical test so there is something to watch out for.

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