The US dollar is soaring.
It looks like a rush to buy dollars ahead of month-end. Big moves on the final trading day of the month, especially when it’s illiquid, are nothing new and they’re always tough to explain.
One fact has to be the bond market where a wave of buying today is likely coming from outside US shores.
Japanese two-year yields fell into negative territory today in a move that’s just mind-boggling. Treasuries look positively tantalizing compared to French 10s at 0.97% and German bunds at 0.70%.
