Oil Price Stabilizes, Easing Pressure on Interest Rates

The price of crude oil has stabilized after a surge yesterday, taking some pressure off bond markets as several countries, including the US, saw their 10-year yields rise to new highs for the year.

As a result, the US dollar has softened against G10 currencies today. Yesterday, the euro dipped to its weakest point since July 1 at $1.1365 in North America, following a disappointing June jobs growth report.

Asia Pacific equity markets saw gains yesterday, but sharp losses in Europe and North America set the stage for today's sell-off.