Dollar Soars Amid Rising Treasury Yields and Weaker Euro

The U.S. dollar continues its upward trajectory as Treasury yields reach new highs. The yield on 30-year Treasuries surpassed 5.61%, while the 10-year yield tested above 5.29%. This surge in bond market prices has traders shifting their focus to the rising greenback.

According to the latest data, JOLTs Job Openings decreased from 7.335 million (revised) to 7.079 million, falling short of analyst forecasts. Additionally, the CB Consumer Confidence report showed a decline in confidence from 88.6 in August to 81.9 in September.

The U.S. dollar index is currently attempting to settle above the resistance level at 101.50-101.65. If successful, it will aim for the next resistance range of 102.35-102.50. Meanwhile, RSI remains in overbought territory but may have room to gain additional upside momentum.

The EUR/USD is losing ground as traders focus on a weaker-than-expected Euro Area Economic Sentiment Index report. If it manages to settle below the support at 1.1335-1.1350, it will head towards the next support level at 1.1250-1.1265.

The Canadian dollar is under pressure as USD/CAD tests new highs amidst rising Treasury yields and a strong U.S. economy. The pair continues to move higher after Canada's GDP report showed a modest increase in August.