The second quarter is off to a very weak start after equities, particularly the tech sector, threw a collective tantrum, undermining sentiment and triggering a nervous risk aversion across other assets. But the response so far in the forex market is mild, even if the market is left struggling for a catalyst.

• Tech sector sends global equities reeling
• Risk off: very little spill-over into FX – mild EM weakness, JPY strength
• Forex struggling for a catalyst as USD is pulled in two directions
• Big few days ahead for data, including PMIs and nonfarm payrolls
• Lots of negative headlines for the likes of Tesla, Amazon, Apple and Intel 
• Trade tensions and tech rout current drivers for key commodities 
• Range-bound WTI oil targeting $60/barrel
• Underlying demand for gold remains firm ahead of $1300/oz