The bond market is ignoring data today and likely is eying loads of corporate supply that is coming to market this week. Despite the slightly disappointing ADP and ISM data, US yields have backed up. 2-year notes are at 1.04% and 10-year notes to 3.81%, a more dramatic 4 bp rise since the ISM report.
USD/JPY is firming, having absorbed exporter offers at 92.50. It is now at 92.70, retesting the broken uptrend broken yesterday.
