XE Market Analysis: North America – Mar 12, 2021

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The dollar has rebounded from three consecutive days of decline, rising alongside a renewed steepening in the U.S. Treasury yield curve. The 10-year T-note yield vaulted back above 1.60% after briefly foraying below 1.50% yesterday. The catalyst came yesterday, when President Biden’s signed off on the $1.9 tln stimulus bill, which came alongside continued good news on the Covid front, with cases in the U.S. dropping and the vaccination distribution widening. The U.S. yield differential at the 10-year maturity level widened against the Bund and JGBs.