Seven of my nine market calls got hit yesterday in what turned out to be a volatile trading session as markets started Q3 in a risk positive tone supported by mostly positive data releases. Equities had a good day in Europe and a solid one in the US, although technology shares were the exception with the NASDAQ down 0.49%. Bond yields have continued to move higher led by US Treasuries, a factor that has contributed to the USD outperforming across the board. The USD outperformance is also reflective of an emerging wondering theme with the market questioning last week’s central bank policy shift in Europe. In what was a holiday shortened trading session in the US, ahead of Independence day on Tuesday, the ISM manufacturing PMI beat expectations (57.8 vs 55.3 exp and 52.1 prev.) reaching an almost 3-year high, backed by strong New Orders and Employment components. The data release triggered a bond selloff with 10y UST yields leading the way. 10y UST closed at 2.3499%, 3.5bps higher relative to where I marked prices yesterday morning.