Friday's jobs report does little to stand in the way of the dollar's advance
Equities aren't the only ones feeling the pain of the move higher in Treasury yields. Assets in Asia are also feeling the strain of having to deal with higher yields in the US as China's return from their week-long break doesn't help too with the yuan continuing to fall.
Of note, the Indonesian rupiah extends its decline against the dollar this year to 15,240 - the lowest level since 1998. In other markets, the Singapore dollar also falls to a more than one-year low against the greenback to 1.3840 while the Taiwanese dollar weakens to 30.91 against the dollar - last traded at this level in more than one-and-a-half years.
It's been a long time coming for Asian currencies as the prospect of further Fed rate hikes has been weighing on the region for the past one year but ultimately, the emerging market party looks to be reaching its final stages as higher US yields look to be here to stay.
