Rise in the returns from US bond helped strengthen the greenback, with returns from US 10-year Treasury reaching 2.979% in Asian trade. This is the highest since January 2014.

Teppei Ino, a Singapore-based analyst for MUFG Bank is of opinion that the latest climb in oil prices all over the world and US debt issuance are responsible for the rise in Treasury yields. Ino said: “So this rise in yields is probably not something that should be welcomed. The market reaction for now is for the dollar to strengthen, but at the same time the dollar index hasn’t risen above its recent trading ranges.”

Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore said: “The dollar momentum…is probably going to carry the way at least until the next negative headline comes out.”

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