Dollar rises in Asia with Treasury yields, Japan exporters rally

Gold edges up, 24k priced at Dh160 in Dubai

In February, the specter of accelerating wage growth sent USA yields to four-year highs just below 3 percent, which played a role in the equities correction that followed.

Since the global financial crisis in 2008-09, a combination of low inflation expectations and a bond-buying program by the Federal Reserve have helped keep bond yields low, but they have climbed this year as inflation has picked up and the Fed raised interest rates.

"Based on interest rates, prices should be lower", Gambarini said.

Asian shares were mostly higher Tuesday as a surge in USA bond yields pushed the value of the dollar higher against other major currencies. A 10-year yield of about 3.2 percent at year-end is more reasonable, he said. An index of US consumer attitudes increased to 128.7 this month, up from a print of 127 in March, notching its highest read since February's multiyear record, according to the Conference Board.

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Besides that, financial markets will take into account where the core US inflation rate is headed for. But when Treasury yields rise because of inflationary pressure or other risk factors, those in emerging markets generally rise in tandem or move higher. "But we're really anxious the Fed will make a mistake".

"(A strong) dollar makes gold expensive for non-U.S. buyers and rising yields increase the opportunity cost of holding gold, which is another factor lessening gold's appeal". Weaker than expected economic data have cast some doubt on the future pace of the European economic recovery, leaving eurozone yields lagging behind the move higher in Treasuries.

The dollar previously climbed in response to United States yields rallying, pushing prices to their highest since mid-January. "They will continue to press higher through the end of the year", said Bill Merz, head of fixed income research with U.S. Bank Wealth Management in Minneapolis. So it's no foregone conclusion that the 10-year yield will rip through 3 percent. Swiss government debt maturing in eight years still offers a negative yield. Increased supply weighs on bond prices and yields move inversely to those prices.

The market for USA government debt is both larger and more worldwide than other major bond markets, leaving global investors more directly exposed to the Treasury market than US investors are to conditions elsewhere in the world. But the prospect of a deluge of new government debt has weighed on the $14.9 trillion Treasuries market.

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Global stocks have also reacted to changes in yields world-wide. Stocks were flat Tuesday morning.

If GDP comes in below 2.0% then Treasury yields could weaken because this would likely limit the number of Fed rate hikes this year.

But that doesn't mean there is no risk that yields rise further.

"Yesterday was a big day in terms of treasury yields impacting currencies". Earlier this year it accepted a bid from Chicago Bridge & Iron valued at $6 billion.

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