The US Dollar started the new week under modest bearish pressure anddeclined below 102.00 during the Asian trading hours on Monday. The market mood seems to have turned cautious with the US stock index futures trading modestly lower on the day, while the benchmark 10-year US Treasury bond yield stays slightly below 3.5% following Friday's decisive rebound.
Nevertheless, market action remains relatively subdued amid thin trading volumes on the Chinese New Year Holiday. In the Asian session, the Bank of Japan released the minutes of its December monetary policy meeting. According to the publication, some members noted that the BoJ must reiterate and clearly explain that the widening of the yield band was not a move eyeing an exit from the ultra-loose policy.