- USD/JPY is posting strong daily gains above 109.00.
- US Dollar Index stays within a touching distance of 92.00 after US data.
- 10-year US Treasury bond yield continues to push higher.
The USD/JPY pair preserved its bullish momentum in the early trading hours of the American session and was last seen gaining 0.57% on a daily basis at 109.12. If USD/JPY manages to break above 109.25, it will renew its highest level since June.
Broad USD strength continues to support USD/JPY
With American traders entering the market, the 10-year US Treasury bond yield started to push higher and helped the greenback gather strength. At the moment, the yield on the benchmark 10-year US T-bond yield is up 4.6% on the day at 1.612% and the US Dollar Index is rising 0.55% at 91.90.
Earlier in the day, the data published by the US Bureau of Labor Statistics showed on Friday that the Core Producer Price Index (PPI) rose to 2.5% in February from 2% in January. This reading came in slightly lower than the market expectation of 2.6% but was largely ignored by market participants.
Meanwhile, Wall Street’s main indexes opened the day mixed with the Dow Jones Industrial Average registering modest gains and the S%P 500 Index falling by around 0.5% after the opening bell.
Later in the session, the University of Michigan will release the preliminary Consumer Sentiment Index report for March.
Technical levels to watch for
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