CROSS ASSET: Bund Block trade, US 10yr Yield tests 4.50%

SX7E (20th June) 180c, bought for 4.25 in 12k vs 3.84k at 168.00.

• The Dollar is still paring some losses, purely an FX move, Risk Tone is on the balance On, but the ranges in Equities are fairly small, limited.
• Even the push lower in US Yield isn't affecting the Dollar, nor the USDJPY, in fact even the USDJPY is gaining some ground.
• The street is clearly focussed on Powell and the ECB this Week, and there hasn't been any new news nor headline on that small leg higher in the Dollar.
• Some of the lighter flows, Volumes suggest that most are likely on the sidelines at this point.