Bond yields climbing higher

US 10-year yields are at the highest since 2014 with the short end at the highest since 2008. The rising yields are giving the dollar broad support as it hits session highs against the euro, yen, and commodity currencies.

The dollar has jumped around 20 pips in the past few minutes as it hits stops.

Technically, USD/JPY broke back above the September low, which became resistance after breaking last week.

It's still a long climb to get back where it was at the start of the month, but if 10-year yields can get to 3% (currently at 2.90%) then it's certainly possible.