10-year Treasury yields continue to surge higher as the basis trade implodes ...Middle East

All of this is also amplified or at least made more evident by the weak 3-year notes auction yesterday here.

"Non-dealer allotment also fell to a more than one-year low indicates that the recent liquidations are arguably VAR-related and that's a bad sign if all of this continues. It points to some hedge funds potentially in danger, if not already. And the cascading effect of any blow ups is never a good thing."

In any case, the sharp rise in yields itself is another part of the financial dislocation that is reverberating and will have bigger repercussions for things like the housing market and the economy. It's all going sideways at the moment.

EUR/USD is still up 0.7% to 1.1030 currently and the yen and franc are still very much favoured otherwise as safe havens. USD/JPY is down 0.8% on the day to 145.05 while USD/CHF is down 0.7% to 0.8415.

But at least in emerging markets, the dollar is still seeing bids I guess. So, that is perhaps the first piece of the domino.

This article was written by Justin Low at www.forexlive.com.

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