USD/JPY closes in on multi-month highs as 10-year US T-bond yield climbs above 1.7%
|- USD/JPY is inching higher in late American session.
- 10-year US Treasury bond yield is up more than 2%.
- US Dollar Index is pushing higher toward 93.00.
The USD/JPY pair is edging higher in the late American session on Monday supported by rising US Treasury bond yields. As of writing, the pair was a few pips away from a fresh 12-month high, gaining 0.16% at 109.83.
10-year US T-bond yield turns north
In the absence of significant fundamental drivers, the movements of the US Treasury bond yields continue to impact the greenback's performance against its rivals. The benchmark 10-year US T-bond yield, which lost nearly 2% earlier in the week, is currently up 2.5% at 1.713% and the US Dollar Index is at its highest level in more than four months at 92.95.
On Tuesday, February Retail Trade and Unemployment Rate data will be featured in the Japanese economic docket. Nevertheless, investors are likely to remain focused on US T-bond yields.
The only data from the US showed on Monday that the Federal Reserve Bank of Dallas' Manufacturing Business Index jumped to 28.9 in March from 17.2 in February and beat the market expectation of 12.1 by a wide margin. The Conference Board's Consumer Confidence Index data from the US will be looked upon for fresh impetus on Tuesday.
Technical levels to watch for
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