Yesterday's reversal higher in Treasury yields helped to lift the dollar but not as much as I would have expected. With a further 7 bps in US 10-year yields today, the climb has been too much to ignore.The US dollar is at the highs of the day across the board, including a one-month high in USD/JPY -- up 32 pips to 157.52.Yields began the climb yesterday after poor auction results in 2-year and 5-year notes. There is a 7-year sale today that will be closely scrutinized.In the big picture, Treasury yields are now above where they were before the most-recent CPI report in a sign that the market isn't convinced that the inflation story is done, or is worried about unsustainable US deficits.
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