Risk-off tone depleted overnight, but remained toned down - ANZ

Analysts at ANZ explained that a risk-off tone to trading through the London session reversed as the NY afternoon wore on. 

Key Quotes:

"The market largely ignored comments from President Donald Trump at a CEO town hall that underscored his commitment to cut red tape and start infrastructure spending. He continued to use broad strokes and lacked specific detail on policy reform. 

The market reaction to US data was muted too. US equities opened in the red with USD, gold, and JPY bid. However, these moves reversed as the session progressed. 

The US treasury curve bear steepened with front end yields up 2bps and long end up 4bps. Moves in Europe were more mixed, with the periphery outperforming the core. The USD appreciated with NZD, AUD and SEK underperforming.

Oil resumed recent gains, climbing 1.5%, on increased prospects of OPEC extending production cuts."