10-year Treasury yields move up by over 7 bps to 1.61%

The surge higher in yields continues to underpin the dollar today as the greenback rises to fresh highs against the major currencies bloc. Risk assets are being dragged lower as a result but USD/JPY is keeping perky as the pair moves up above 109.00.

Of note, price is now moving towards a test of the week's high @ 109.23 and keeping a daily break above 109.00 itself will be a massive win for buyers technically.

Elsewhere, EUR/USD has also slipped to a low of 1.1935 (large expiries seen @ 1.1930) while AUD/USD has fallen to a low of 0.7741 to start the session.

On the latter, the pair is moving closer towards a test of its 200-hour moving average @ 0.7737 and that will be a key near-term level to watch in case the downside extends.

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