Rise in Treasury Yields Sent Greenback Higher

US dollar recovered across the board, helped by the rise in global yields as well as bargain-hunting after last week’s selloff. The DXY index gained +0.27%. EURUSD, losing -0.62% for the day, was the worst performer among the major currencies but speculations of a more hawkish ECB remained on track. A media report indicated that the ECB’s running assumption remains a three-month wind down in the QE program after the current purchases (30B euro/ month) complete in September.

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