Treasury yields firmer after data

2-year note yields are up to 1.15%. 10-year notes are at 3.97%.

These are dollar supportive and will likely widen interest rate differentials in favor of the buck when European markets return to full strength on Tuesday.

The market is struggling whether to trade the reflation trade or buy dollars outright. Probably the easiest thing to due is to buy USD/JPY which should benefit from both trends. It has bounced to 94.48.