Forex Today: US Dollar tumbles as Treasury yields reverse course

The global PMI surveys are due on Tuesday, providing the first glimpse of economic activity during October. Australia and Japan will kick off the PMI,

followed by European countries, and ending with the United States. Also scheduled for Tuesday are UK employment data and the GfK German Consumer Confidence Survey. Here is what you need to know on Tuesday, October 24: The Treasury market was the center of attention on Monday. The 10-year Treasury yield initially rose above 5.00% for the first time since 2007, but then sharply reversed, falling to 4.83%. The rally in Treasuries weighed on the US Dollar, which tumbled and reached one-month lows.

The UK will release employment data on Tuesday, originally scheduled to be released last week but postponed due to poor response rates. The Unemployment Rate is expected to remain at 4.3%. UK PMI data is expected to show a modest improvement in October. USD/JPY dropped to 149.55 and cannot move significantly away from the 150.00 area. The Japanese Yen was among the worst performers, despite declining yields. The Jibun Bank PMI is due on Tuesday. AUD/USD held above the 0.

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