Cable down hard today
Rising Treasury yields are lighting a fire under the US dollar today as the market frets about a potential economic slowdown because of energy prices and supply chain bottlenecks.
US 10-year yields are up 6 basis points to 1.54%.
That's an ugly break on the daily chart and it's why cable is down 152 pips to 1.3544, which the selling accelerating as stops are run. GBP/USD is down to the lowest since February.
I think the drop in here is leading to an even broader dollar bid.
