A look at the dollar trade
More of a 'risk-off' tone is settling over the market with the S&P 500 down 20 points, erasing half of yesterday's rally. Initially stocks and the dollar rose in tandem but the trade is changing.
In bonds, 10-year yields rose as high as 1.351% but have retraced to 1.336%.
USD/JPY has followed the same path.
For the dollar more broadly, it's benefiting against the commodity currencies and sterling as risk trades sink.
