2-year yields in the US were up by nearly 20 bps earlier in the day to 4.41% but have seen a dramatic plunge to around 4.06% currently - down 16 bps on the day. It's another one of those volatile swings in the market as banks continue to steal the focus this week, this time in Europe à la Credit Suisse.
This has resulted in the dollar picking up a strong bid across the board alongside the yen. EUR/USD is now down 100 pips on the day to 1.0630 while GBP/USD is down just about that much as well at 1.2065 currently. Meanwhile, USD/JPY has tumbled from 135.00 to 133.60 as it is dragged down by the plunge in bond yields.
Sticking to the bond market, the moves in European bond yields have been equally dramatic. 2-year German bond yields were up at around 3.01% at the start of the session but are now down 31 bps on the day to 2.60%. Oof.
