Happy Canada Day.
Canadian markets are closed today as we kick off the second half of the year.
US markets are open and the theme so far is Treasury selling. US 10s are up 7.8 bps to 4.42% and USD/JPY is at a session high up 34 pips to 161.17.
USD/JPY daily
Flows are always a big part of the equation as we start a new quarter and politics have markets on edge. At the same time, we get some economic data today on US manufacturing with ISM manufacturing, the S&P PMI and construction spending. The Fed calendar is quiet.