US Yields Stronger, Biden’s Speech Eyed
Asian shares remain on the back foot amid stronger US Treasury yields. US 10-year Treasury yield stays firmer around the highest since January 2020 and the USD hits November 2020 levels as traders hope pleasing details from American President Joe Biden’s infrastructure plan. Also, strengthening US economic recovery and higher inflation expectations continue to drive yields higher.
The broad-based US dollar strength amid quarter-end flows added to the bearish pressures on its competitors including gold. Vaccine woes and surging COVID cases in Europe continue to pressure the euro.
Looking forward, US President Biden’s speech, EZ CPI, and ADP Employment Change will be the key to watch.
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