The greenback is down slightly on the day but I wouldn't really read too much into it, at least for now. EUR/USD is up 0.15% to 1.0515 while GBP/USD is up 0.35% to 1.2175 on the day. In comparison to the moves this week, the changes today don't mean anything much. Not especially when Treasury yields are continuing to hold at the highs.
10-year yields in the US are now up 2.9 bps to 4.636% and off the lows earlier today around 4.589%. That is something to be wary about as the continued selling in Treasuries is likely to keep the dollar underpinned in the big picture. The greenback has already enjoyed a good run of gains so far on the week, so the slight retreat today doesn't hurt its standing by much.
USD/JPY is still slowly testing the limits of intervention fears as it holds above 149.00 with buyers hoping to try and hit the 150.00 mark. Meanwhile, EUR/USD is knocking on the door of a push under 1.0500 for the first time since January. And then, we have gold which has broken below $1,900 to its lowest levels since March at around $1,873 currently.
