Bond yields rose after the UK CPI report was released earlier, helping to support the USD/JPY pair slightly. The pair rose by 0.2% to reach 156.47, as it continues to close at the highest level recorded last week at 156.78. This comes as 10-year Treasury yields rose by 2.9 basis points to 4.443%.
USD/JPY daily chart
In addition, the US dollar made slight progress against currencies such as the euro, franc, Australian dollar, and Canadian dollar. It rose just 0.1% against those currencies.
Sterling and the New Zealand pound are the only ones to see gains against the dollar but are in debt for others. Until then, we see both currencies losing some ground after previous gains as well.
GBP/USD fell to 1.2728, up 0.2% on the day, after peaking at 1.2761 earlier after the UK CPI report. Meanwhile, NZD/USD fell to 0.6115 from a high of 0.6153 earlier following the Reserve Bank of New Zealand's slightly more hawkish stance on the balance.
In the equity space, European stocks fell across all sectors while S&P 500 futures also fell by 0.1%. The more cautious risk mood there is also helping the dollar find a better position during the week.
