Eyes are on Japan at the moment with USD/JPY at the highest since 1990. They could intervene at any time but if they wait too long, then look for the market to push higher.
They are unlikely to get any help from the USD side of the equation with no major data releases today and a bare Fed calendar. The data today kicks off at 10 am ET with US new home sales. We get weekly oil inventories 30 minutes later and a US 5-year Treasury auction at 1 pm ET.
Right now, Treasury yields are 4-5 bps higher across the curve as month-end flows hit. I’ll be carefully watching tech and NVDA specifically to see if the bounce that started yesterday continues.
Here’s a good meme from @MrMBrown
