-
Yields Continue to Climb
Macron's victory in the first round of the French presidential contest lifted the euro, which is resilient to the broader greenback gains scored on the back of the continued rise in yields. The US 10-year yield is up around five basis points to 2.75% after increasing by mor than 30 bp last week. European yields are higher, but the euro-sensitive Germany-Italy spread has narrowed by almost seven basis points. Japan's benchmark is nearing the 0.25% cap and China's premium briefly switched to a discount for the first time since 2010. The dollar rose to new highs against the yen, reaching almost JPY125.45. Central ... (full story)