The EUR is the strongest and the AUD is the weakest as the NA session begins. China becomes an important driver as Shenzhen was put under lockdown due to Covid outbreak. Shenzhen is an important manufacturing hub in China. The Jilin region was also fresh lockdown measures. Hong Kong is also suffering from an outbreak of omicron. In separate news, US and China officials will be meeting in Rome in an attempt to limit/stop any aid that the Chinese may provide Russia that would undermine sanctions.
In Ukraine, there is further hopes for peace as officials suggested there may be soon produce a draft agreement. IN US, officials are supporting the idea that Russia is showing signs of movement toward agreement. Meanwhile, Russian military aggression in Ukraine continues unabated.
Crude oil is moving lower on the back of potential peace and lower demand from China lockdown.
US yields are higher. US stocks had the Dow up over 400 points but is up about 1/2 that gain currently. The Nasdaq has moved into negative territory.