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Currency Buzz: Dollar Tracks Treasury Yields Higher

7 Jun 2022 , 11:16 AM

The Dollar index firmed up in early Asia on Tuesday, tracking surging US treasury yields ahead of US inflation data. The dollar index, that measures the greenback against a basket of currencies pushed as high as 102.67, a weeks high, buoyed by the 10-year US Treasury yields that climbed to 3.05% for the first time in nearly four weeks. Investors brace for US inflation data this week that could strengthen the case for aggressive interest rate hikes by the Federal Reserve. The Fed has raised interest rates by an aggregate of 75 basis points this year. Meanwhile, the American dollar pushed as high as 132.90 yen on Tuesday, a level not seen since April 2002. The Japanese yen is sinking deeper into 20-year lows amid broad strength in benchmark US treasury yields on expectations of aggressive rate hikes while Bank of Japan (BOJ) Governor Haruhiko Kuroda defending the easy money policies of the BOJ that could result in increasing interest rate differential between Japan and the US. Powered by Commodity Insights

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