Dollar Rises as T-Note Yields Climb and Crude Oil Hits 6-Week High
The US dollar index DXY rose by +0.12% today due to increasing T-note yields, which strengthened the dollar's interest rate differentials and pushed it higher.
The dollar also benefited from a +2% rally in WTI crude oil to a 6-week high, raising inflation expectations and potentially prompting the Fed to raise interest rates.
Additionally, today's stock slump increased liquidity demand for the dollar.