USD/JPY leading the way again
Every fresh seven-year high in USD/JPY prompts another wave of buying. This leg was strong enough to boost the dollar right across the board.
It comes with 10-year Treasury yields ticking higher to 1.608% but not yet to the Friday high of 1.62%. If that gives way, we could see another leg. Note though that there’s a 10-year auction today at 1 pm ET.
I would expect this move to transition into more of a ‘sell-the-yen’ trade across the board but equities might have ideas of their own.