Asian currencies continued to depreciate against the greenback after the Dollar Index resumed the rally to reach its two-decade high at 110.63 on Wednesday. Meanwhile, U.S. Treasury yields also extended gains in the morning session on the Asian trading session on Wednesday as well.
The Dollar Index extended gains by 0.38% to 110.63, representing more than 15% increase this year. The U.S. 10-year Treasury yields rose 0.45% to 3.355%, while the 2-year bond yield increased 0.41% to 3.515%.
Dollar and bond yields are gaining as traders bet on the Federal Reserve to hike interest rate by 50-75 basis points in the meeting this month after its chairman vowed to use all tools forcefully to tame inflation currently running at 40-year high.
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