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After a shaky start to the Thursday session, the US dollar rallied into the close after the US Treasury yield curve underwent an acute bout of volatility. After a sloppy 7yr bond auction, US 10y yields shot higher to the best levels since February last year and just above 1.6%. This prompted a short, sharp bout of risk-off, with the US dollar benefiting as a result.
The poorest performers were commodity-tied currencies after oil markets flatlined near recent highs. This led the likes of NOK, AUD and NZD to underperform most others, and dragged AUD/USD off a new multi-year high.
Spiralling equity markets on yield volatility fears fed into a strong move for haven currencies, with CHF and JPY close to the top of the pile.
Focus Friday turns to French prelim CPI, US trade balance and personal income/spending numbers for January and the MNI Chicago PMI. Speakers include ECB's Schnabel and BoE's Haldane & Ramsden.