Dollar hits 10-month high as US yields spike, yen recovers from dip

dollar-hits-10-month-high-as-us-yields-spike,-yen-recovers-from-dip
Dollar hits 10-month high as US yields spike, yen recovers from dip

The dollar reached a new 10-month high on Tuesday due to rising U.S. bond yields, while the Japanese yen recovered after an initial dip, with traders watching for signs of government intervention. Neel Kashkari, a Federal Reserve policymaker, stated that given the strength of the U.S. economy, interest rates should rise again and be held at a higher level until inflation drops to 2%. His comments contributed to an increase in the yield on the 10-year U.S. Treasury, which reached 4.566% on Tuesday. Higher U.S. yields made the dollar more attractive, pushing the dollar index to 106.2, the highest since late November 2022. The euro rose slightly against the dollar, while the pound and the Swiss franc both fell. Finance Minister Shunichi Suzuki expressed concern about currency movements, causing the yen to recover some of its losses against the dollar. Traders are closely monitoring the situation for any signs of intervention.

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