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The mood here is likely to sap some of the optimism from the European open, with some safety flows also moving back into bonds as it would seem. There's not much in terms of headlines leading to the decline but it fits with the more push and pull mood from time to time during the month, though general sluggishness in equities has been the major theme.
USD/JPY is also dragged down to 127.75 from around 128.10 earlier in the day. But the dollar itself is also seen firmer with EUR/USD falling to the lows for the day near 1.0700 and AUD/USD trimming its earlier advance from 0.7215 to 0.7190 at the moment.
