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Rebounding Treasury yields strengthens the greenback

FX:GBPUSD   British Pound / U.S. Dollar
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Last week, US 10-year Treasury yields rose 5.8 basis points to 3.823%, which strengthened the greenback against other major currencies. EUR/USD dropped to 1.0324, and AUD/USD lost 10 pips to 0.6671. An unexpected 0.6% month-on-month increase in UK retail sales has sent GBP/USD higher to 1.1884. USD/CAD added over 50 pips to 1.3384, while USD/JPY moved up slightly to 140.35.

Projected oil demand tumbled due to growing COVID-19 cases in China. WTI oil futures then closed lower at a two-month low of $80.11 a barrel. As the Federal Reserve is likely to carry out further rate hikes, spot gold declined $10 to $1,750.84 an ounce.

The Dow Jones Industrial Average rose 199 points (+0.59%) to 33,745, the S&P 500 gained 18 points (+0.48%) to 3,965, and the Nasdaq 100 was unchanged at 11,677.