US dollar has backed off after hitting session highs
USD/JPY is a quarter-cent off the 123.24 session high touched on better-than-expected manufacturing data.
A few factors are at play and it's also the start of a new quarter so flows will be a major driver through Monday.
- Bond market declines have stalled. After hitting 2.44%, US 10-year yields are back to 2.40%
- Stocks pared gains in Europe and the US
- Tspiras remained defiant in his comments, crushing the remaining hope that a deal was almost done
- Regular back-and-fill
The euro is up to 1.1095 from a low of 1.1059 as the declines from ISM and ADP are wiped out. Betting against the euro has proven to be a tough trade once again.
