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Rising Yields Continue to be the Main Driver
The euro remains pinned near the seven-month low it recorded two days ago near $1.0850. It approached $1.0950 yesterday and has been confined to about a 15-tick range on either side of $1.0905 today. Against the yen, the dollar remains near the three-month high (~JPY104.85) also seen two days ago. New dollar buying emerged yesterday near JPY104. The driving force is the continued climb in interest rates. The US 10-year yield pushing through 1.80% and is at its highest level since early June. It has moved above its 200-day moving average (~1.72%) recently for the first time since the very start of the year. The rise ... (full story)