Better Data and Rising Yields Support the US Dollar

US durable goods orders beat consensus, which will help combat concerns about a negative US GDP print in the second quarter.

With that, worries about growth turn into worries about inflation. This is evidenced by rising yields across the US curve today, with US 10s up 8bps to 3.20%.

The US Dollar is at the best levels of the day on most fronts with a cable down 20 pips to 1.2242 in a strong reversal from 1.3232 at earlier today highs.

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