Higher yields drive dollar bid
The US dollar is at the best levels of the day in the aftermath of a surprisingly strong non-farm payrolls report.
The dollar moved higher in lockstep with yields. US 10s are up 5.1 bps to 1.615%, breaking last Thursday’s spike high.
The gains in the dollar pushed EUR/USD below 1.19 in a break below the February low.
So far though, the moves aren’t running. The initial dollar pops have mostly faded.
The bond market is in charge at the moment though.