The US dollar has found a quick, strong bid in the last 15 minutes and it’s not entirely clear why. Yields have steadily ticked higher in the last 40 minutes and that’s a probable catalyst. US 10-year yields are now up 5.3 bps to 3.53% on the day.
Technically, USD/JPY is in an interesting spot as it climbs above Friday’s high.
I suspect this is a pre-cursor to broader risk aversion.