Roaring U.S. dollar knocks Japan’s yen to new 34-year low
Euro traders were feeling especially fragile after Wednesday’s surprise U.S. CPI figures sent the dollar on its biggest tear in over a year against the single currency by quashing hopes of near-term Fed rate cut.
Bond markets were still reeling, meanwhile, after the 10-year U.S. Treasury yield - the main driver of global borrowing costs - had shot back above 4.5 per cent, its biggest daily leap since September 2022. The currency bloc is now in its sixth straight quarter of economic stagnation and the labor market is starting to soften, an obvious contrast to the U.S. economy which continues to grow robustly.
U.S. stock futures were little changed after Wall Street had fallen around 1 per cent. Treasuries also steadied after the surge in yields had pushed them to their highest levels since November.
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