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Sterling is Pounded
The US dollar is mostly firmer today. Among the G10 currencies, strong wage data and softer US 10-year yield is helping the yen defy the dollar's tug. It is up almost 0.2%. On the other hand, pressure on sterling and the UK Gilts has continued. The pound took out last year's low near $1.23 today and was pressed to $1.2240. The 10-year yield is rising for the fourth consecutive session and is near 4.85%, up nearly 25 bp this week. Fiscal concerns amplified by weak growth appears to be the main culprit. Emerging market currencies are a little softer, led by the Mexican peso's 0.2% loss. The South African rand and ... (full story)
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