Yen Pressured, USD Firms As 2-Year Treasury Yield Rises In Asia

The USD is firmer in Asia today, 2-Year US Treasury Yield has risen 18bps as it pares some of the losses it saw yesterday. The fall on Monday in the 2-Year Yield was the largest since 1982.

• Yen is pressured, USD/JPY is ~0.5% firmer. USD/JPY prints at ¥133.75/85, resistance is seen at the 50-Day EMA (¥134.27). Japan's 10-Year Yield has fallen below 0.25% the previous BOJ ceiling.
• AUD/USD is also softer, down ~0.2% today. The pair last prints at $0.6650/55 having found support at $0.6635. A Bloomberg source piece, linked here, noted that China will end trade restrictions on Australian coal which were imposed in late 2020.
• AUD/NZD printed a fresh YTD low at $1.0691, however losses have moderated in recent trade and the cross sits at $1.0700/10.
• NOK is down ~0.4%, last printing at 10.55/60. The next upside target for bulls is the high from 10 March at 10.7512.
• Cross asset wise; BBDXY is up ~0.2%. Regional equities are softer weighing on risk appetite, the Hang Seng is down ~2%. US Equity Futures are firmer, S&P500 eminis are up ~0.6%.
• In Europe today the UK Labour Market survey headlines, however the focus will continue to be on the SVB-inspired volatility. Further out February's CPI print headlines the docket, our preview is here.