The US dollar is under moderate selling pressure across the board as the London trading week comes to a close.
The dollar benefited from safe-haven trading early in the week, but markets have calmed down, reducing some safe-haven flows. Meanwhile, the Treasury market has also been volatile, but yields appear to have settled into a lower range.
Treasury auctions were weak on Wednesday and Thursday, but that came after a dramatic move lower in interest rates. Supply was strong but contained and levels were low enough to give the market confidence that yields on 10-year Treasuries can stay at or below 4%.
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Today, 10-year yields fell 6%, weighing on the US dollar, while the euro and the pound rose. Both remain down for the week and are likely to be affected by the overall risk trade.