The dollar is the strongest performing major currency on the day

Ranges remain narrow, but there is a general theme in the currency space and that is dollar strength. Haven't really said that in a while.

Anyway, rising yields appear to be the main catalyst for the dollar's jump today (wait, what?) and if you think the dust has settled from the recent "correction" in equities and the rout in bonds, well it'd be too quick to jump the gun then.

There's still much at play, as the market continues to figure out the new dynamics in the current environment.

The major event on the day, in my view, is going to be the Treasuries auction later to come. I'll go deeper into that in another post, but I believe demand this time around should be relatively solid - even if it's just short-term bills ($151 billion worth) - as yields are trading at highs not seen in almost 10 years.