Currency Buzz: Dollar Scales Higher As Treasury Yields Soar

12 Oct 2022 , 01:04 PM

The dollar continued to scale higher on Wednesday amid an overnight spike in US benchmark treasury yields to a 14 year high of 4% dragged the dollar higher. The greenback hit fresh peaks against the yen and kept other major currencies subdued, ahead of crucial inflation data from the US to provide further cues on Fed action onward. The American currency climbed to fresh 24-year peaks against the Japanese yen, breaching levels that prompted intervention by Japanese officials last month. USD JPY was at $146.10. Meanwhile, euro that weighs highest in the dollar basket stayed under parity at $0.9713. The U.S. dollar index – which measures the greenback against a basket of six major peers, including the yen, sterling and the euro – edged 0.08% higher to 113.26, after earlier touching at 113.59, its highest level since September 29. Powered by Commodity Insights