10-year Treasury yield climbs to highest level since March

10-year Treasury yield climbs to highest level since March”

Platinum rose 0.3% to $1,079.21, while palladium eased 0.2% to $2,388.78.

That has also prompted some investors to trim their bearish bets versus the dollar with net short bets on the dollar versus the euro declining to $21 billion, compared with $24 billion two weeks earlier, according to latest positioning data.

Gold ticked higher on Tuesday as Asian stocks slipped on political ferment in Washington and a global surge in coronavirus cases, although a firmer dollar and higher U.S. Treasury yields limited gains.

Expectations of a multitrillion-dollar stimulus plan and the belief the Federal Reserve will not act to counter rising interest rates, along with new Treasury supply are helping yields rise, said Gennadiy Goldberg, an interest rate strategist at TD Securities in NY.

The action along the curve meant the spread between the 2-year and 10-year yields steepened to an nearly four-year high of more than 103 basis points.

"It is hardly surprising that the recent acceleration in real U.S. yields has reminded the FX markets to end its focus on inflation and to assume a more comprehensive approach in its dollar valuation", Commerzbank strategists said.

The US 10-year Treasury yield held firm above 1 per cent, helping the dollar scale a near three-week peak against rival currencies, making bullion expensive.

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The dollar index rose 0.183%, with the euro down 0.47% to $1.216.

The euro steadied at $1.2208 and dollar index was steady at 89.991 on Wednesday after falling 0.5 per cent on Tuesday.

Morgan Stanley said it had moved to neutral from bullish on emerging market currencies as its forecasts had been hit and factors that kept the US dollar on the back foot may not be sustained.

"The renewed concerns about demand due to very high numbers of new corona cases and further mobility restrictions, plus the stronger USA dollar, are generating selling pressure", Commerzbank analyst Eugen Weinberg said.

I've been contemplating the case for an extended dollar rebound and one of the big lines in the sand is the downtrend in USD/JPY.

Spot gold fell as much as 1.7 per cent to US$1,816.53 per ounce, its lowest since Dec 2, and was down 0.7 per cent at US$1,835.96 by 2.59am GMT.

Commercial property prices fell almost 10% in 2020, according to the Green Street Commercial Property Price Index, although the hardest hit sectors saw declines of 15% to 25%.

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