The dollar/yen remained under pressure in European trade on Thursday, returning some previous gains made in the light of last week’s Federal Reserve interest rate rate.

The pair was trading around 111.13, easing 0.21 percent as of 09:15 GMT, while the US dollar index traded at 97.18, down by 0.08 percent.

The dollar’s retreat seems could be related to the falling US Treasury yields and an slightly lower demand for risky assets. Some investors are currently moving to a more modest positioning on the back of rising concerns in the oil market.

Treasuries moved to the downside on Wednesday amid an unexpected rise in existing home sales. 10 year notes were at 2.153 percent, while the 30 year bond was at 2.72 percent.

The narrowing yield differential between US and Japanese 10 year bonds was also a factor weighing on the dollar and it’s set to continue affecting the pair for quite sometime.

Ahead in the session, investors will be paying attention the weekly jobless claims, the home price index and a speech from Fed Governor Jerome Powell.

According to CME Group’s FedWatch tool, chances for a rate hike in December are near 41 percent, while the probability for a move in September remains low at only 16 percent.