Bonds are helping

USD/JPY has quickly risen up to 111.55 from 111.20.

The rise in USD/JPY corresponds with a bill auction. The 52-week bills sold at 1.145%, which is the highest at auction since 2008.

US 2-year notes are for sale today as well and are currently up almost 2 bps to 1.2991%. It still has some work to do before reaching the May 10 high of 1.3600%.

Despite some bad data today, the market is getting more comfortable with the idea of a June hike.

The budge is a non-factor. It's DOA in Congress.