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Rise in yield spread remains the major force driving the dollar despite recent fall in US treasury yields.
- ECB and BOJ asset purchase program continue to push yields down across Euro zone. Four largest economies in the Euro zone, Germany, France, Italy and Spain seeing their 10 year pushing towards negative territory.
- German yield are now in deep negative up to 7 years, 10 year is yielding 0.17% just shy of negative zone.
- Switzerland's yields are negative up to 10 years now.
- Japanese 10 year is trading around 0.35%.
- Yields in France is negative up to 4 years, 10 year is hovering around 0.46%.
- Italian 10 year is yielding just 1.26%.
- UK, which was supposed to hike rates this year, saw 10 year yield drop from 2.5% in June to 1.6% as of now.
In contrast to the above -
- Since February US treasuries have fallen from 0.73% victim to dovish comments from FOMC, however still provides better yield opportunity at current 0.55%. 10 year yield dropped from 2.24% in February, however still better at 1.96%.
Dollar will keep riding as favorite, as long as yield spread remains buoyant.
