The US dollar has pounded higher again on the back of Trump's apparent climb-down on China trade as well as rising US bond yields. This is bad news for equities, especially those in emerging markets, and it's also bad for EM currencies especially in Argentina and Turkey.

• Dollar turnaround seems to derive from US back-peddling on China trade
• China trade is in focus, especially the ZTE issue
• US yields higher – 10-yr benchmark over 3%, looking for more
• All traders no matter what their asset class should watch 10-yr benchmark
• EM goes down as US yields rise, Argentine peso, TRY, especially wounded
• UK data today interesting as Brexit negotiations are still going nowhere
• Equities: Key driver is strong dollar, US yield, buoyant oil – equities lower, sentiment weak
• ZEW survey expectations is the key data for equities today, last print was minus 8.2
• Crude oil prices are filtering through to other asset prices now
• Crude oil rally resumes on ME tensions and Saudi desire for $80/barrel
• Gold is back on the defensive as yields and the dollar trade higher
• Focus today: Gaza on the day after and impact of US sanctions on Iran
• Tech analysis: A likely test of previous NASDAQ 100 highs were corrected
• DAX seems to be trading in a rising channel, will likely trade higher in days ahead