Dollar broadly up, threatens 150 yen as benchmark Treasury yield climbs
SINGAPORE - The dollar was within a hair's breadth of the closely watched 150 yen level on Friday, buoyed by a surge in theThe benchmark 10-year yield, which was last at 4.9813%, has climbed some 35 basis points this week, driven by rising expectations that the Federal Reserve is likely to keep interest rates higher for longer and mounting U.S. fiscal concerns.
The dollar/yen pair tends to closely track changes in long-term Treasury yields, particularly in the 10-year maturity. Money markets are almost fully expecting the Fed to keep interest rates on hold at its upcoming policy meeting, compared to a roughly 87% chance a week ago, according to the CME FedWatch tool.
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