The dollar movement has been perplexing today and its performance is only on par with the aussie as the worst performing major currency
As yields start to fall off - US 10-year yields now are at 2.68%, we're starting to see the dollar give up gains on the day as well.
The dollar started the day perky on the back of yesterday's gains but so far what minor retracement in the dollar appears to be short-lived. We're starting to see the big picture reemerge once again.
If yields are unable to sustain at such high levels, it does not bode well for the dollar - and in fact, equities may also see a rebound once investors feel less nervous about bond yields sparking a cross-asset reallocation.
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