It was holding as high as 4.562% in early European morning trade, so the drop here is much welcome for risk trades. But again, it might just prove to be a temporary respite considering the technical breakout since last week. Stocks are still finding it tough to gather much relief on the day but at least dollar gains have calmed down a fair bit.
The retreat came alongside a fall in USD/JPY earlier, with the pair now trading flat at 148.87 after the remarks from Japan finance minister Suzuki here. We'll see what the US session brings along later in the day.
