US 10-year yields closes in on 3.03%

The story in the bond market continues to be the breakout in US yields above the 3% level. It is now closing in on 3.03% as the selloff in Treasuries is also spreading to Europe and the UK.

Yields in UK 10-year gilts hit the highest since early March at 1.567% while German 10-year bund yields are also up to 0.655% at the moment.

The jump in yields has so far helped to underpin the dollar but since the spike earlier in the session we're yet to see any further extension in the dollar's gains.

EUR/USD has risen back up to 1.2200 while GBP/USD is nearing on 1.3950 again after falling to a low of 1.3934 earlier.