It’s a strong start of the US dollar today and it has picked up further along with New York trade.
The catalyst is the bond market with Treasury yields up 6-10 bps across the curve. Tens are up 9.6 bps to 4.44%, which is the highest since June 11.
USD/JPY has tracked that, rising 51 pips to a fresh 34-year high at 161.65.
USDJPY daily
It’s not just USD/JPY either. The dollar is near session highs across the board with commodity currencies under fresh pressure even as stock futures point to a gain.