Steady tones going into European trading

What a timeline we’re living in. Elon Musk is up to his typical shenanigans again and you can’t quite tell if he’s really being serious or not, despite it all being seemingly like a joke. Either way, that seems to be the most interesting story so far today.

Coming back to more serious topics in markets, the RBNZ raised the OCR by 50 bps as expected and alluded to a steeper and higher rate path moving forward. That helped to see the kiwi gain slightly before giving that all back now to remain rather flattish.

Other major currencies are also little changed except for the aussie, which is down 0.4% to test waters just below 0.7000 again up against the dollar.

US futures are looking rather muted after a mixed day while the bond market continues to leave a lot to be desired since last week. 10-year Treasury yields are little changed at 2.82% currently, still keeping below its 100-day moving average at 2.89%.

It looks like we could be in for a quiet one in Europe with all eyes switching to the US retail sales and FOMC meeting minutes later today.