Asian currencies weaken as 10-year Treasury yield hits 5.113%, highest since 2007

  • Asian currencies weakened against the dollar after Treasury yields rose sharply overnight.
  • The 10-year Treasury yield reached 5.113%, its highest level since 2007.
  • MUFG Bank’s Lloyd Chan cited growth, inflation risks and stronger oil prices.

Asian currencies broadly weakened against the dollar at 0140 GMT after U.S. Treasury yields rose sharply overnight. The 10-year Treasury yield reached 5.113% on Wednesday, its highest level since 2007. MUFG Bank’s Lloyd Chan said stronger U.S. growth, rising inflation risks and stronger oil prices had created a toxic combination for bonds, pushing yields sharply higher across the curve. The dollar rose 0.25% to 4.0870 Malaysian ringgit and 0.1% to 31.825 New Taiwan dollars, while the Australian dollar fell 0.1% to US$0.7032, according to LSEG data.

The information on this website is generated using AI and we cannot guarantee its accuracy. Please use it as reference information only.