APRIL 21, 2026 AT 08:05 AM

[MARKET UPDATE] USD picks up and the risk tone slips slightly as Iran says it has not yet sent a delegation to Pakistan

Importance

Level 1

Action that has seen US futures trim to gains of just 0.1% or 0.2%, vs earlier +0.4% performance. Fixed income moves to fresh lows, with USTs more convincingly in the red and Gilts under renewed pressure. For Bunds, they remain afloat but have trimmed around half of the earlier upside.
In FX, the USD climbs to the detriment of peers. EUR/USD at a 1.1757 low, GBP/USD below 1.3500 to a 1.3485 base, and USD/JPY above 159.00 to a 159.17 peak.