USD/JPY has tracked mainly sideways during the session. It had a sharp, but brief, drop after comments from Japanese finance minister Suzuki expressing concerns over "FX volatility" (this is code for a rapid drop in the yen, see the bullets above for an explanation if you need – TLDR version is the comments were intended to be yen supportive).

AUD and NZD traded higher. Data from New Zealand (business confidence dropped in Q1 after a drop in Q4 last year) weighed early. Data then from Australia, surging business conditions in March, alongside improved business confidence, included inflation indicators. Inflation indicators were, of course, stronger also. This graph via Goldman Sachs:

Australia cpi 12 April 2022

The solid inflation indicators fuelled market chatter of a Reserve Bank of Australia rate hike as soon as May, helping AUD along and NZD in turn too (the Reserve Bank of New Zealand policy decision is tomorrow, NZ time).

Oil ticked higher – tight supply and possible sanctions on Russian product were cited.

In China, the new coronavirus case count from Shanghai dropped a little from the previous day’s reading. There has also been a move from authorities in the city to trim back some of the restrictions on residents. Some positive news at the margin.

The US 10yr hits its highest yield since 2018.