ForexLive European FX news wrap: Yen lower as markets stay more muted today

Headlines: USD/JPY nudges a little higher on the sessionIt's only two more weeks until Trump's big trade deadlineSwiss expect US tariffs stay at 10% after July 9 during talksTrump says that Iran-Israel ceasefire is going wellUS Secretary of State Rubio: We're going to continue to engage with RussiaBOJ's Tamura: Upside risks to price outlook are heighteningBOJ's Tamura: For now, I don't think we need an imminent rate hikeFrance June consumer confidence 88 vs 89 expectedSpain Q1 final GDP +0.6% vs +0.6% q/q prelimSwitzerland June UBS investor sentiment -2.1 vs -22.0 priorUS MBA mortgage applications w.e. 20 June +1.1% vs -2.6% priorMarkets:NZD leads, JPY lags on the dayEuropean equities lower; S&P 500 futures flatUS 10-year yields flat at 4.296%Gold flat at $3,324.89WTI crude down 0.3% to $64.75Bitcoin up 0.8% to $107,021It was a quiet session as markets settle down to take a breather following the hustle and bustle from the Iran and Israel conflict. The geopolitical tensions have now faded into the background and we'll be slowly turning back the focus on to trade issues and central banks again.As a reminder, we're now just two weeks away from Trump's supposed trade deadline of 9 July. Tick tock, tick tock.Major currencies were quiet throughout with only the yen slipping slightly on the day. USD/JPY looks to be running a bit of a retracement after the 350 pips fall in the past two days, nudging back up to 145.70 levels. Besides that, the dollar was steadier across the board with traders seeing little incentive to move on the session.That comes as we also see a more muted tone in risk sentiment and the bond market. S&P 500 futures are flat after yesterday's gains, keeping investors interested with the all-time high less than 1% away. As for Treasury yields, there wasn't anything interesting with the long-end holding flattish during the session as well.In the commodities space, gold is also not doing all too much while oil is down slightly after having erased all of the gains from the Iran-Israel conflict from earlier this week.Let's see if the second day of Powell's testimony will bring any surprises. I'm not counting on it though. So, we'll slowly gravitate to focusing on the US data tomorrow instead next.