With the US market closed for the Independence Day holiday, the focus has been elsewhere and for the markets in both Asia and Europe. It has not been a big 24 hours as far as price action was concerned, the Eurostoxx 600 index off 0.29%, European bond markets with a modest bid tone, yields off fractionally. The German 10 year bond was almost unchanged/ lower on net by less than one basis point. Gold was little changed, up $3.80/oz. The largest currency move has been the Australian Dollar over the past 24 hours, the yen and KRW little changed after the Korean missile test. It was the AUD’s swift reaction to yesterday’s only-incremental change in the RBA’s post-Board statement, a materially larger reaction than for the Won after the launch of an Intercontinental Ballistic Missile from North Korea, a launch that’s also drawn the ire of a statement from the Chinese and the Russians.