The ebb and flow of the FX market leaves it flat

A bit of GBP strength, a bit of NZD weakness

There has been some volatility today but the FX market is mostly where it started the day. The pound is at the top of the leaderboard as it rebounds from yesterday’s CPI-driven plunge. The New Zealand dollar is the laggard.

I think the spot to watch today is bonds as 10-year yields now hit 2.91%.

The drama around EUR/CHF and 1.20 is another spot but after the earlier rejection at 1.1999, it looks like the bulls need some time to regroup. Last at 1.1973.