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Yesterday's trading was characterized by the strengthening of the US dollar, which was a natural reaction of the players who were awaiting the publication from the minutes of the last Fed meeting on Wednesday 

The dollar rose against a basket of currencies on Wednesday, as market sentiment was boosted by strong earnings reports, reducing demand for safe assets.

The US Dollar has rallied quite nicely during the trading session on Tuesday, as we continue to find plenty of support against the Japanese yen. 

In 2 trading days, the Dow Jones Industrial Average lost more than 1,300 points and the S&P 500 fell over 5%. 

Gold prices advanced on safe-haven demand following a shake in the global markets, with a weaker dollar seen as supportive. 

Asian equities retreated to a 19-month low after Wall Street suffered its worst loss in eight months, which led to broader risk aversion, which led to an increase in market volatility gauges and concerns over momenta stocks markets in an environment of rapidly rising dollar yields.

The Italian bond futures traded near their session lows and the BTP-Bund spread widened to 311bps, as the Italian Finance Minister Tria defended the Government fiscal targets in Parliament after the local press suggested that the budget watchdog is likely to reject the whole thing.

The BTPs were in focus as the 10-Year yield printed fresh multi-year highs through 3.5% and the spread to bunds widened back to above 300bps.