The US dollar continues to trade with a heavier bias, though largely within recent ranges against the major currencies and emerging market currencies. Among the majors, to note is that sterling and the Australian dollar are trading at new multi-week highs. The wait to see the JPY100 print is being dragged out, though the markets willingness to sell into even modest bounces in the yen seems clear. The 10-year US-Japanese yield differential is at its best level since the BOJ announced its Q-squared (qualitative and quantitative easing at a little over 125 bp. Japan's 10-year yield reversed yesterday's gains, but ... (full story)