The yield on 10-year US debt makes its steepest gain in two months providing a boost to the greenback. — Reuters pic
That attracts investment, particularly from Japan where yields at the front of the curve are pinned around or below zero, and lifted the dollar by half a percent on the yen to 106.53 — where it stayed today. The move up in yields is driven by both repositioning ahead of big issuance this week and a sense that the US recovery is broadening and looking more robust, said NAB senior FX strategist Rodrigo Catril.
Against a basket of currencies, the dollar extended a bounce made last Friday as US-China tensions ratcheted higher with President Donald Trump's ban on TikTok and WeChat. “It's far too soon to say what the exact implications are, but the return of Covid-19 presents downside risk to the outlook,” ANZ analysts said in a note today.
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