Markets turn data-driven
Good morning, and feel free to hit the snooze button. Financial markets are back to ignoring geopolitical headlines, with most major currency pairs exhibiting rangebound behaviour, Treasury yields flatlining, and equity futures setting up for an incremental retreat at the open. Investors are ignoring the latest threats against Greenland from the White House*, and are downplaying signs of growing friction between China and Japan—at least outside regional indices. Measures of implied volatility in foreign exchange markets are holding near cycle lows. The euro is trading on a slightly weaker footing after a bloc-wide inflation report showed price growth easing toward...