US stocks are higher today and up on the week but the FX and bond market isn’t sending the same signal. US 5-year note yields matched the March low this week at just 0.32%. In FX, the weekly leaderboard looks like this:

Looking at the NZD/JPY chart, what stands out is that even with the weakness this week, it only covers a portion of the gain last week. In the bigger picture, we’re in a retracement phase but have stalled out at the 50% area or at the August low, which is now resistance.