Themes

· General mood is “risk off”

· RBA Minutes showed the RBA considered a hike of as much as 40bps

· UK Guardian: Turkey will not approve Finland and Sweden joining NATO

What’s Moving

Asia opened to early follow through Dollar sales, with best gains seen on the Euro, AUD and Sterling in early trade. Volumes and ranges were light, but the Dollar selling was noted.

The hawkish RBA Minutes saw a decent bid enter on the AUD/USD, although while the action was strong, the bounce saw profit-takers emerge to cap the upside.

Tonight we see a little data on the slate, which may prompt some short-term moves, although we expect that players will watch to see how U.S. interest rates trade before taking chunky directional positions.

Data tonight includes:

· U.K. Unemployment Rate (E: 3.8)

· Euro-zone Employment Change (E: +0.5%)

· Euro-zone GDP (E: +0.2%)

· U.S. Retail Sales Core (E: +0.4%); Headline (E: +1.0%)

· U.S. Industrial Production (E: +0.4%)