There are some positive indications in risk assets with the US dollar slipping today and Treasury yields up 1-2 basis points. That tentative optimism fits with S&P 500 futures up 10 points but it’s a nice departure from early Asian trade when the risk off mood was continuing and futures were down a further 60 points, in part because Delta warned on a sagging consumer.

Bitcoin fell as low as $76,667 but has rebounded to $81,500 in a positive sign.

The main economic highlight on the calendar this week is tomorrow’s CPI report but today we get JOLTS. The consensus is a slight rise in job openings to 7.63m from 7.60m. I think risks are skewed to the downside with this report. If it’s strong, the market might brush it aside because it came before the DOGE and tariff turmoil. If it’s weak, it will be seen as a sign that the storm hit an already-softening economy.

Aside from that, the main highlight is a 3-year note auction at 1 pm ET.

As usual, we will be watching the White House as well.

This article was written by Adam Button at www.forexlive.com.