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Follow-Through US Dollar Buying after Yesterday's Reversal Tests the Bears
After reversing higher yesterday, the US dollar sees follow-through gains today, leaving the euro around a cent lower from yesterday's highs. Sterling's surge is also being tempered. Most emerging market currencies are lower as well. The jump in bond yields has stalled, but only after Australia and New Zealand yields surged eight basis points to play catch-up with the dramatic rise in the US yesterday that saw the 10-year benchmark trade near 1.31%. The yield has come back a little softer today at 1.29%. European bond markets are slightly softer. Profit-taking in US equities yesterday has also spilled over into ... (full story)