The Japanese yen pares earlier gains from the Asian morning session
USD/JPY is now back up to 111.90 after hitting a low of 111.65 in the Tokyo morning, with Treasury yields still looking a tad heavy ahead of European trading today. US 10-year yields are down by 1.3 bps to 2.575% currently but equities sentiment is much more balanced with the Nikkei near flat levels mirroring the mood in US equity futures thus far.
The dollar is a little mixed against the rest of the major bloc with ranges still largely narrow as we begin the morning in Europe. Commodity currencies are notably lagging but that owes more to the fact that global bond markets are pushing gains, weighing on yields.
Australia 10-year yields are down by 6 bps upon returning from the Easter break and that's resulting in a weaker aussie on the session. That said, AUD/USD sits in a 18 pips range so far though the pair is testing the lower end of that currently.
It's a similar case for the kiwi as well. Meanwhile, the loonie is slightly off the pace after posting decent gains yesterday as the currency capitalised on higher oil prices after the US announced that it would not grant any more waivers to Iran oil sanctions.
