Dollar hits 10-month high as US yields spike, yen slides
LONDON/SINGAPORE - The dollar rose to a new 10-month peak on Tuesday as U.S. bond yields surged to their highest level since October 2007, while the Japanese yen resumed its slide, putting traders on alert for signs of government intervention.
The euro was last roughly flat against the dollar at $1.0588, after hitting its lowest since March at $1.057. A rally in the dollar did further damage to the Japanese yen, which fell past the 149 per dollar mark for the first time since October 2022, hitting 149.19. The dollar was last up 0.12% against the yen at 149.06.
"Intervention risk is still elevated, with our... model putting the probability at around 20%," Adam Cole, RBC Capital Markets' chief currency strategist, said in a note to clients.
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