It's the first day of spring but there are little signs of life in the forex market. That's not the case elsewhere though.
US 10-year yields are up 8 basis points today to 2.23% and that's within striking distance of last Wednesday's cycle high of 2.246%.
It's the spot I'm watching today with lackluster price action so far in FX.
The rates move is getting help from oil. WTI crude is up $4.43 to $109.13. The moves in oil still barely qualify as 'orderly' but crude is establishing a new $95-$120 range and that will keep the upward pressure on prices.
The Iran nuclear deal continues to come together and I would think that's largely priced in now but you never know with oil. Also on the downside, covid cases in China continue to spread. Shanghai reported its highest number of cases yet today.
