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Risk trades are solid out of the gate but trading is light in the FX market with the UK on holiday. The US dollar is edging lower and Australian dollar creeping higher at the moment but it’s all within the daily ranges.

Yields are slipping 1-4 bps across the curve in a bull flattener and that could drive the rest of the market today, especially with 2-year and 5-year Treasury note auctions to come.

In terms of economic data, it’s light with only the August Dallas Fed manufacturing survey to come. The commentary is in the survey is often a source of insight (and comedy). I’d expect an uptick on the -20 reading from July as oil prices improved in the month.

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