GBP/USD touches a high of 1.3270
The dollar is now the weakest performing major currency on the day. EUR/USD rises to a high of 1.1746 while USD/CHF has fallen to session lows of 0.9633. It's a move across the board with the AUD/USD and NZD/USD also rising to session highs of 0.7278 and 0.6670 respectively.
As I've said here, the cracks are starting to show in the dollar and it isn't going to be pretty. The sort of breaks that are taking place in EUR/USD and GBP/USD especially are ones that that eliminates the bias/momentum for the last five months. That's rather significant and warrants some serious attention as I've been preempting since the start of the week.
Yet again, this all comes despite rising US Treasury yields. 10-year yields continues to trade at four-month highs at 3.078% now. I reckon it'll take a break towards 3.25% to put some tailwind back in the dollar but by then, the squeeze against the greenback could be well out of sight.
