GBP and JPY are the top G10 FX gainers today, up 0.21% and 0.10% vs the dollar while NZD and AUD are the top losers, down -0.46% and -0.45% vs the dollar. The US dollar and oil rallied thanks to a spike in US yields; positive US data and hawkish comments by Fed chairman Powell were the reasons behind the spike. Emerging markets and commodity currencies are bearing the brunt of the falling interest rate differentials. That said, we will be cautious buying USD at these levels. In the Asian equities space, the Nikkei 225 closed down -0.56% at 23,975.62, Kospi ended -1.52% at 2,274.49and Hang Seng closed -1.73% at 26,623.87. The European equities had a similar story with the FTSE down -0.81% at 7449.5, DAX down -0.33% at 12,246.46, and CAC lower -0.75% at 5450.10. In the rates market, global yields spiked; the US 10-year yield was trading at 3.22% and the Bund 10-year yield trading at 0.535%. In the energy space, the Brent (front month) is trading up (0.06%) for the day at $86.16, having broken the $85.0 handle, next resistance at 87.75.