The US dollar is falling across the board.
It's tempting to point to USD/JPY intervention because there is no data or news behind the move. But what's curious is that the moves are uniform.
I look to bonds, with yields falling across the curve. US 10-year yields are down 13 bps to a session low of 4.10%.
Our friends over at Newsquawk highlight comments about 30 minutes from Chinese officials talking about focusing on expanding domestic demand and consumption, but that's hardly a screaming USD-sell and certainly not a reason to buy bonds.
Bond bulls have been looking for a signal to pile in for some time. Today's housing data was soft and yesterday's PMIs were weak. Perhaps that's enough of a crack in the dam to start the flood into fixed income?
