US dollar to the best levels of the day
The dollar trade is in full force today. It was the best performer last week on rising bond yields and upbeat Fed talk.
Now it's getting some help from economic data. The Markit PMIs were on the strong side, along with the Chicago Fed national activity index and existing home sales. None of those are top-tier releases but they're a good start to a week that will be capped by GDP.
Perhaps an underrated part of the dollar buying is short-term flows into US dollars with a heavy dose of earnings to come.
Keep a very close eye on bonds with US 10-year yields up 1.87 bps to 2.9789%. It's all about bonds today.
