The USD/JPY pair retreated to 109.40 area in the early American session on Thursday but managed to regain its traction. As of writing, the pair was up
It's a good day for reflation trades
Two positive developments Treasury yields are lower today but the backdrop for reflation trades is improving. Senate Democrats agreed to a $3.5 trillion infrastructure deal that will be passed through reconciliation. Reports earlier also said the nearly $600b bipartisan deal was progressing with about half of the remaining outstanding issues resolved.