Looking at our measure of the dollar <.RDDXY> and U.S. 2-year yield spreads <.RDDXYIR>
The USD pullback has been tracking lower front-end yield spreads, the Cable FX Macro Dollar Spreads Index rose to mark the best levels since early January before paring part of the move
However, rates spreads fail to explain the 2024 dollar recovery as the index is relatively subdued vs USD spot FX. The Cable FX Macro Dollar Spreads Index has seen losses above 10 index points for every month since November
U.S. 2-year Treasury yield last at 4.4016%
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