Rising rates restore the US dollar bid

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It’s been a tough week for the US dollar but it’s making up some lost ground today,

EUR/USD is at the lows of the day as the pair sags back and begins to chew into Wednesday’s breakout.

EURUSD daily

US yields have climbed today with 10s back to 1.75%. One catalyst was JPM CEO Jamie Dimon talking about as many as seven rate hikes this year.

There could also be an element of flows at work with both the euro and pound slumping ahead of today’s London fix. Meanwhile the commodity currencies and USD/JPY have been more subdued for the past hour.