December 4, 2022

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US dollar finds a renewed bid after the bond auction

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US dollar climbs

The dollar is finding a broad bid as Treasury yields rise in the aftermath of the surprisingly soft US 30-year auction.

The bonds sold at 2.000% compared to 1.9760% before the sale. That’s a big miss in bond standards and there’s been a follow through to 2.018% in the cash market.

Rising yields are generally positive for the dollar, particularly against the low yielders. USD/JPY is up to 110.52 from a low of 110.30 after CPI. It’s a broad dollar move though with EUR/USD once again below 1.18.

EURUSD daily

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