USD/JPY has been the main mover this morning, dipping to lows below 98.20 in early interbank trade before recovering back towards 98.50. The other majors have been fairly quiet with the EUR/USD trading towards 1.3400 and AUD/USD steady near .9040.
The main factor at play in the market has been the reversal in US yields, with the 10-year turning pretty hard from levels near 2.95% to close on Friday closer to 2.80%. Many traders had tried buying a bullish technical break in USD/JPY on Friday and will probably be stopping themselves out now on the yields reversal.
Elsewhere, Silver had another big spike higher on Friday and the wild volatility in the metals has been quite ferocious over the last few months.
I’m expecting a quiet day today with only NZ trade data on the economic calendar. Good luck+