It’s been a choppy one for the bond market as 10-year yields in the US went up as high as 4.28% earlier only to fall back to 4.22% on the day now. The overall price action is still not really helping the bigger picture outlook, as outlined earlier here.

But amid the drop in yields, we are seeing USD/JPY pare back some of its advance to 150.30-40 levels now from around 150.60 earlier. Meanwhile, gold is ripping higher and up 0.5% to $2,053 on the day. The precious metal is threatening a break of key resistance highlighted here.

As for the dollar, it continues to sit in a more tepid spot as major currencies are still not showing much appetite overall. EUR/USD is flat at 1.0806 with GBP/USD also little changed around 1.2628 currently.

This article was written by Justin Low at www.forexlive.com.