USD pairs: Dollar gains on majors as long-dated yields hit multi-decade highs
The US dollar extended gains against major currencies during the week ended October 2 and closed the week on a strong positive note. The source does not report specific price moves, percentage changes, or levels. The main driver was a jump in yields on long-dated US Treasuries to multi-decade highs, which drew demand toward the dollar. This yield spike outweighed weaker US economic data. PCE inflation readings came in softer than expected, and the latest job market update was disappointing. Both releases reduced expectations of further rate hikes from the Federal Reserve but failed to halt the dollar's advance. For traders, the key takeaway is that long-dated Treasury yields are currently driving the dollar more than incoming data surprises or Fed rate expectations. Moves in long-end yields therefore remain the primary variable to monitor across USD pairs.
Related Symbols:
EURUSD
GBPUSD
USDJPY
USDCHF
AUDUSD
USDCAD
NZDUSD
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