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The market is tilted towards being more risk-on to start the new day, as we pretty much get into the "real" start to the trading week.
US markets are back after the long weekend, with Treasury futures slumping and yields pushing higher ahead of European trading. 10-year yields are up by 2.4 bps to 1.107%.
Elsewhere, S&P 500 futures are up by 0.6% - adding to the optimism on the day.
As such, the yen is trailing in the major currencies space with USD/JPY contesting key resistance once again just above the 104.00 handle.
The dollar itself is also weaker as the antipodeans reverse course following a softer performance in trading yesterday. This is looking very much to be a turnaround Tuesday, but can the momentum stretch on to later in the week?
That will be the key question as we digest the market mood for the time being ahead of Yellen's testimony to Congress later in the day.
What are your views on the market right now? Share your thoughts/ideas with the ForexLive community here.
