ANZ note that "The USD has finally broken....>

DOLLAR: ANZ note that "The USD has finally broken out of the narrow trading

ranges it had been in for the past few months. Rising US bond yields are a

trigger, but other factors are also at play. Historically, once the correlation

between the DXY and US yields starts to rise, it can keep rising for a couple of

months. Given the extent of short dollar positioning, this points to further

extension of the DXY in the near-term, especially given that the month of May

tends to favour dollar strength. The DXY's move higher looks to have further to

run. AUD and NZD will be susceptible to further downside. Selected Asian

currencies will find themselves pressured, especially if there are further signs

that the growth cycle in the region has peaked."