Markets:
Gold down $54 to $3233US 10-year yields up 3.3 bps to 4.21%WTI crude oi up 80-cents to $0.80 to $59.02S&P 500 up 0.6%USD leads, JPY lagsUS Treasury Secretary Scott Bessent touted lower two-year yields early in the day and -- right on cue -- they then embarked on a big reversal, rising to 3.69% from 3.55%. That turn came as the market continues to shrug off tariff fears, which was helped by an ISM manufacturing report that wasn't as bad a feared.
With that, the US dollar held steady bids across the board and was particularly strong against USD/JPY after the BOJ refrained from hawkish talk earlier. That pair ultimately rose 250 pips before giving back about 25 late.
Other US dollar moves were much smaller as it was mostly yen selling on better risk appetite. The S&P 500 climbed for its 8th day in a row in a move that's beginning to squeeze shorts or create FOMO. Hassett helped to fuel the moves by saying that an announcement of a trade deal was coming later today, though we continue to wait.
The oil market was lively as it was beaten up hard in early US trade before reversing. It was helped along by a Saudi denial of earlier reports that it was warning market participants that it was ready for an extended period of low prices. Brent fell to $59.30 before recovering to $61.85.
Friday is non-farm payrolls and oftentimes that restrains volatility but the thinking of most is this: If it's strong it doesn't really matter because it was before the tariffs. If it's weak it could just be a one-off and much of the economy looked fine.
This article was written by Adam Button at www.forexlive.com.Hence then, the article about forexlive americas fx news wrap usd jpy soars as yields turn higher was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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