EUR/USD falls to fresh lows since November as dollar gains on higher Treasury yields

EUR/USD falls to a low of 1.1754, its lowest since 11 November last year

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Treasuries are starting to take over the main focus in the market again as the selloff resumes, with 10-year yields rising by over 5 bps to 1.76% – its highest since January 2020.

That has put a slight bid in the dollar as EUR/USD falls slightly to a fresh low since November last year, dropping from 1.1760 levels to 1.1754.

USD/JPY has also pushed just above 110.00 now after having tested the figure level earlier.

The moves so far are rather mild but we are seeing the consistent follow through reaction in the market, with Nasdaq futures also slumping to a session low, falling by 0.4%.

Going back to EUR/USD, the chart doesn’t bode well for buyers whatsoever.

Upon the break of the 200-day moving average (blue line) and the 1.1800 level, there is very little stopping the pair from a potential drop towards 1.1600 next – unless something changes on the fundamental narrative in the coming weeks.