Dollar at the lows of the day
Dollar bulls got just about everything they could have wanted from Kaplan and George but evidently it wasn't enough for spark a fresh rally. Now they're rushing to the exits.
The trigger was a 10-year Treasury auction that stopped through by a whopping 3.2 bps.
The US dollar is at the lows of the day across the board with moves in the euro and pound leading the way. Cable is now 10 pips from the highs of the week.
Benchmark US 10s are quickly down to 1.306% from 1.36% a short time ago and 1.378% earlier in the day.
The moves are a reminder that the bond market is still in charge.