The USD has jumped higher in past minutes, corresponding with a move lower for US equity index futures on Globex.

USD/JPY jumped after the Bank of Japan statement:

EUR, AUD, GBP, NZD, CHF, CAD are all now getting hit lower against the big dollar. Earlier on in today's session the US dollar lost ground even as yields on USTs rose. That's all in the past now though, fully reversed.

Oil has gained further ground during the session here. Brent to its highest in 7 years:

EUR/USD chart is similar to the other majors, USD sharply higher in past minutes. UST yields are rising again:

eurusd chart 18 January 2022

Finally, and if you will pardon a bit of a rant. Check this post out:

Rising US yields and the USD conundrum

Note the analyst expresses confusion over the USD falling earlier on in the session despite rising yields. This is unusual from an analyst, most of the time there is usually some neat narrative found to fully explain away every move. This is often rubbish though. The analyst here from NAB is to be commended for expressing confusion rather than coming up with some plausible fairytale. On a purely practical level expressing confusion leaves a trader much more open to going with the real move that makes sense when it comes, rather than having to defend some silly position that has been written about. Well done to this guy.