US 10-year yields are pushing higher again, rising 4.5 bps on the day to 1.961%. The late-2019 high of 1.973% continues to be the first major line of resistance ahead of 2%.
Yields are also rising in Germany and Italy; that's helping the euro keep pace with the dollar. The divergence is in USD/JPY, which is at a session high of 115.55. That's quickly nearing the late-January high of 115.68 with the YTD high of 116.35 not far off.
The path for USD/JPY rising is consistent moderate rises high in yields without and blowups and spillovers to equities.
Today, the market is also signaling that it's less worried about a conflict in Russia-Ukraine. Talks with Putin appeared to yield something behind the scenes but no one is sure of anything. The window for an invasion probably runs through the remainder of the month.
