USD/JPY climbs to mid-108s as 10-year US T-bond yield erases losses
|- 10-year US Treasury bond yield turns flat on the day in the NA session.
- Wall Street stays in the negative territory but pulls away from lows.
- US Dollar Index extends daily rally to a fresh 10-day high.
Today's upbeat macroeconomic data releases from the United States provided a boost to the greenback and allowed the USD/JPY pair to advance to a session top of 108.50. As of writing, the pair was trading at 108.45, adding 0.06% on a daily basis.
The data published by the U.S. Census Bureau today revealed that retail sales increased by 0.5% on a monthly basis in May. Furthermore, the Federal Reserve in its monthly publication reported that industrial production and manufacturing production expanded by 0.4% and 0.2%, respectively, in May following April's contraction. The last data of the day showed that the University of Michigan's Consumer Confidence Index edged down to 97.9 in June's preliminary reading from 100 in May, which had little to no impact on the greenback's upbeat performance. At the moment, the US Dollar Index is at its highest level in 10-day at 97.50, adding 0.5% on the day.
Meanwhile, today's data also hurt the probability of the Fed signalling a near-term rate cut in next week's meeting and helped the 10-year US T-bond yield recovered its daily losses to turn flat on the day in the last hour and provided an additional boost to the pair. Additionally, following a negative start to the day, major equity indexes in the U.S. pulled away from lows to suggest that risk sentiment is turning positive and making it difficult for safe-havens to find demand.
Technical levels to watch for
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