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Currencies: Dollar rally stalls as global yields move higher

Dollar strength abated Thursday after a U.S. bond rout was followed by a rise in global yields, dragging rivals of the greenback higher.

After hitting a two-week low of $1.1463, the euro EURUSD, +0.1916% has regained the $1.15 handle and was last trading at $1.1504 compared with $1.1480 late Wednesday.

“It’s primarily a yield-driven move,” said Craig Erlam, senior market analyst at Oanda. “After the spike in the U.S., we have seen European yields follow suit this morning.”

U.S. Treasurys sold off sharply on Wednesday, sending yields, which move in the opposite direction of price, sharply higher.

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