USD/JPY is back down to 101.50, matching the lows of the day as risk aversion resurfaces. The dollar is also under fresh pressure across the board.
The main catalyst is the bond market as 10-year yields fall to 2.59% from as high as 2.62%. The critical level to watch is the February low of 2.568%. If that breaks, the US dollar will completely roll over.
US 10s daily – yield
