After hitting a high of 114.73 overnight, USD/JPY dropped 100 points to end the day in negative territory. The dollar’s reversal impacted all of the major currencies by driving EUR/USD back above 1.16, GBP/USD well above 1.31 and USD/CHF below parity. With no U.S. economic reports released today and relatively benign comments from Fed Presidents Williams and Dudley, yields are the only explanation for the dollar’s moves. Ten-year treasury rates started the day in negative territory, turned positive briefly only to reverse course and settle the NY session near its intraday lows. Although the Federal Reserve has every ... (full story)