ANALYSIS-Dollar bears grow cautious as U.S. yields rise [Reuters]
Bank of America Corporation (BAC)
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Source: Reuters
By Saqib Iqbal Ahmed , Ritvik Carvalho 4 Min Read NEW YORK/LONDON, Jan 13 (Reuters) - A rally in U.S. yields is clouding the outlook for one of the market’s most popular trades: betting against the dollar. The U.S. currency is up more than 1% from its recent lows, shadowing a move that has taken the benchmark 10-year Treasury yield to its highest level since March on expectations that a Democratic-controlled Congress will dish out more stimulus in 2021 as vaccines roll back the coronavirus pandemic. Most of the factors that dragged the dollar to multi-year lows in 2020 - including expectations that the Federal Reserve will keep rates at rock-bottom levels - remain intact, and many believe the dollar’s nascent rally is unlikely to last. Still, the prospect that rising yields will continue burnishing the dollar’s attractiveness has given pause to some investors betting on more declines in the greenback. “For the majority of 2020, we were more negative on the dollar,” said Thanos Bardas
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