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USD/JPY slides into and after the 4pm London Fix as US yields fall

The dollar has fallen back across the board now this afternoon. Once again it is the USD/JPY that has led the move lower. The USD/JPY has just now dipped to below the 146 handle. That is indeed a little surprising given the US data releases this afternoon. However, there is one good excuse for this move. This is all about US treasury yields and fresh demand to buy bonds. That has seen the yield in the 10 Year note fall by almost 0.10% this afternoon and that is what has really sent the US currency packing. The move lower in the USD/JPY has also helped Gold to rebound above the highs seen yesterday and just now rise above $2,060 per ounce. As noted here earlier, Gold did manage to hold its 50 day moving average, more or less and that set up this fresh move higher. The Yen and US bond rebound has done the rest . The USD/JPY fall comes even as US stocks give back much of their earlier gains as does the likes of the FTSE 100 and DAX heading into the European close. The USD/JPY is just now trading at 146.10

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