USD/JPY has gotten a late boost from rising US bond yields. The move through session highs in the 93.35/40 area and triggered stops up to about 93.46 before stalling. Offers are scattered up to 93.60, traders report, in good size.
Firming US bond yields are supporting the greenback this afternoon as 10-year Treasury yields rise to 3.47 today from 3.25% late last week.
Crossing the wires, the Fed’s Hoenig says the US economu is near a bottom but that the recovery will be very slow, the Fed’s default position. Forecasts for growth to return in Q2 data look “optimistic”, he says.
