We pushed modestly above the 61.8% Fibo retracement of the 4.01/3.33% decline in yields overnight but we’ve since rejected that area pretty aggressively. US 10-year notes are down below the 3.30% level at the moment.
The lower yields are helping undermine the greenback, especially USD/JPY, which has fallen as low a s83.50 since rejecting 84.40 resistance for a fourth time overnight. It trades now at 83.64 as the dollar drifts up off of session lows after EUR/USD stalled just shy of 1.3400.
