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Stock prices are decreasing to new lows for the day while bonds are being bought heavily. Today is a common day for risk aversion, and the negative French and German PMI reports are only adding to the already low level of risk sentiment for the week.

The futures for S&P 500 have decreased by 0.5%, while European indices are retaining losses between 0.6% to 0.9% at present. Additionally, the 10-year Treasury yields are dropping to approximately 3.742%, decreasing by almost 6 bps.

The euro has experienced the most significant decline in the foreign exchange market following the release of the data. The EUR/USD pair dropped from 1.0920 to a low of 1.0855, allowing sellers to regain their hold on the pair for the time being. This has re-established the likelihood of a return to the 100-day moving average (marked by the red line) at 1.0808, particularly after failing to surpass the 1.1000 mark this week.

Currently, the dollar and yen are the primary beneficiaries. The dollar is retaining its earlier gains, as discussed here, while the USD/JPY has dropped by 0.2% to 142.85 from its earlier position of around 143.00.

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