The Fed minutes yesterday outlined extra of the identical from the FOMC assembly assertion roughly three weeks in the past, that’s the central financial institution is beginning to look to contemplate a slower tempo of price hikes shifting ahead. That is sufficient to hold broader market sentiment extra upbeat yesterday and weighed on the greenback as effectively.
The temper is carrying over to as we speak with bonds staying extra bid to this point in Europe. Trading in Treasuries could also be closed however trying to regional bonds, we are able to see 10-year German bund yields being down by over 9 bps at the moment to its lowest ranges in seven weeks:
In flip, that’s persevering with to weigh on the temper in USD/JPY because the pair falls to contemporary lows on the day of 138.10. The stress continues to remain on the greenback as such, with the dollar now holding barely decrease throughout the board as effectively. But USD/JPY is the large mover to this point as we speak, down over 1% in the intervening time as sellers look to attempt to take a look at the help ranges outlined here.