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Major currencies are little changed and the overall mood in the equities space is more tepid at best to start the session. European indices posted very strong gains in trading yesterday but are checked back slightly today, not helped by a fall in French stocks after LVMH reported slower sales growth in Q3.

After the retreat yesterday, the dollar is keeping steadier today but is facing a question or two about its recent run higher in the past few weeks: Dollar feeling toppish?

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Elsewhere, Treasuries had some catching up to do after the long weekend yesterday and 10-year yields are now seen at 4.624% on the day. That’s some distance from the peak on Friday last week at 4.887% and is keeping traders on their toes as we await inflation data from the US this week.

Coming up later today, we will get PPI data first before moving on to the main event tomorrow in the form of CPI data. This will set the tone for rates and also for broader markets on the week.

As such, it is shaping up to be a bit more of a draggy and tentative session in Europe today (and likely tomorrow as well) in the run up to the key economic releases.

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