US dollar giving back yesterday's gains
The correlations in markets are all over the place.
Yesterday, Treasury yields fell and that sapped the dollar but today they're ticking higher and the dollar is up anyway. Part of that is today's CPI report, which was mundane and highlights what the Fed's been saying: That signs of problematic inflation are scant.
Secondly, the report that the BOJ is considering loosening yield-curve control is giving the yen a lift (or weighing on USD/JPY).
Perhaps most-importantly, the stock market remains in a very good mood. Nasdaq futures are up 1% after yesterday's 3.7% rip. Commodities are also ticking higher after a breather for a few days.
