The US dollar is catching some bids as New York trading ramps up to start the week, led by USD/JPY.
This might be a reaction to the softer Chinese data earlier and to Janet Yellen talking about potential outbound investment controls related to China. It could also be a follow-on to the US dollar strength late last week.
The antipodean currencies are at session lows to go along with the US dollar bid. AUD/USD is down 40 pips to 0.6798.
US 2-year yields have risen to 4.75% from 4.72% and that could be a small part of the equation.
S&P 500 futures are down 6 points.
The Fed blackout started on Saturday so it will be a quiet week in terms of central bank chatter. The Fed funds market is pricing in a 92% chance of a hike on July 26 but little chance of another one in September.
