News: FOREX-Calmer bond market little salve for unloved yen

Yen pounded past 120/dollar, doesn't bounce with bonds
Commodity currencies run into resistance
Biden to meet European leaders later on Thursday
The U.S. dollar found some support in Asia on Thursday as commodity currencies took a breather from a steep rally driven by rising prices for exports, while a recovery in the U.S. bond market offered little solace to the struggling yen.
On the geopolitical front, U.S. President Joe Biden attends an emergency NATO summit later in the day, meets with G7 leaders and addresses leaders of the European Union with markets on the lookout for escalation of sanctions on Russia.
Moves in Asia were fairly modest with the Australian and New Zealand dollars off about 0.2% from Wednesday's multi-month peaks and the euro EUR=EBS down 0.1% to $1.0985.
The yen JPY=EBS dipped about 0.3% to touch a fresh six-year low of 121.49 per dollar, as investors expect the Bank of Japan to lag way behind policy tightening by other major central banks fighting inflation.
An ever-more hawkish U.S. Federal Reserve has further widened that policy gap, though even an overnight steadying in the Treasury market after a few sessions of brutal selling didn't seem to give the yen much help.
"The fundamental drivers of dollar/yen now are U.S. rates as well as Japan's current-account deterioration because of high oil prices," said Shinichiro Kadota, senior FX strategist at Barclays in Tokyo.
"From a technical perspective, about 121.7 was the high from early 2016, so that would be the next key target in the really near-term, but if we break above that, 125 could come into focus."
Benchmark 10-year Treasuries US10YT=RR , which have been battered by another round of bets on aggressive U.S. rate hikes, regained composure to rally on Wednesday, but the yield, which rises when prices fall, is up more than 50 basis points this month.
The Aussie AUD=D3 was last at $0.7486 and seems to have hit some strong resistance around $0.75. The New Zealand dollar NZD=D3 last bought $0.6959.
Sterling GBP=D3 slipped overnight and was marginally softer on Thursday at $1.3187 even though February inflation was a little hotter than expected.
The Russian rouble RUB=EBS hung on to Wednesday gains as Russia is seeking gas payments in roubles rather than dollars.
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	Currency bid prices at 0541 GMT 
 Description	  RIC		 Last		   U.S. Close  Pct Change	 YTD Pct	 High Bid	Low Bid 
											  Previous				   Change				  
											  Session											
 Euro/Dollar	   EUR=EBS	$1.0979		$1.1001	 -0.19%		 -3.42%	  +1.1014	 +1.0977 
 Dollar/Yen		JPY=EBS	121.3450	   121.1400	+0.23%		 +5.56%	  +121.4200   +121.0000 
 Euro/Yen		 																			 
 Dollar/Swiss	  CHF=EBS	0.9322		 0.9305	  +0.18%		 +2.19%	  +0.9323	 +0.9304 
 Sterling/Dollar   GBP=D3	 1.3186		 1.3205	  -0.15%		 -2.51%	  +1.3213	 +1.3182 
 Dollar/Canadian   CAD=D3	 1.2575		 1.2563	  +0.13%		 -0.51%	  +1.2584	 +1.2557 
 Aussie/Dollar	 AUD=D3	 0.7486		 0.7500	  -0.17%		 +3.00%	  +0.7502	 +0.7467 
 NZ				NZD=D3	 0.6958		 0.6977	  -0.29%		 +1.63%	  +0.6977	 +0.6950 
 Dollar/Dollar																				   
All spots FX= Tokyo spots AFX= Europe spots EFX= Volatilities FXVOL= Tokyo Forex market info from BOJ TKYFX
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World FX rates	https://tmsnrt.rs/2RBWI5E 
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