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Dollar Gains Continue Amid Further Yield Strength

USD

The USD is pushing higher across the board, with the BBDXY around the 1262 level, +0.2% higher for the session. We sit just shy of YTD highs (1262.95 back on Jan 6). The DXY has already pushed to fresh YTD highs. Gains against the G10 are fairly uniform, with yen slightly underperforming, down 0.35%, leaving USD/JPY at 137.60/65 and looking to consolidate the move above the 200-day MA (137.40).

  • Cross asset signals are supporting the dollar. US yields continue to push higher, with 2.6 to 5.7bps gains across the curve. The front end continues to lead, with 2yr at 5.065% in outright terms.
  • US equity futures have also slipped into the red, while regional equities are mostly losing ground.
  • In Asia FX, the ADXY is back sub 100, although CNH is still outperforming. USD/CNH remains away from 7.00 for now (last 6.9850).
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