The dollar is climbing


The dollar is climbing.

The US dollar index is up by 0.4% at 95.42 as of 1:32 p.m. ET.

Notably, US Treasurys are under significant pressure for a second consecutive day.

Friday’s selling has yields up 7 to 8 basis points at the long end of the curve with the 10-year yield now at 1.666%, its highest since late June. (When bond prices go fall, yields rise.)

Moreover, the market’s expectations for a September rate hike increase to 32% this afternoon, compared to 28% earlier this morning. And expectations for a year-end rate hike rose to 60.3%, up from 58.5%.

As for the rest of the world, here’s the scoreboard as of 1:35 p.m. ET.

    The Russian ruble is down by 1.2% at 64.7374 per dollar. Meanwhile, Brent crude oil, the international benchmark, is down by 3.8% at $48.07 a barrel. Moreover, Bloomberg’s Ksenia Galouchko reported that Sberbank CIB analyst Iskander Lutsko said that “the ruble is too expensive compared to oil and the budget. Everyone understands that it hurts the economy.” The Korean won closed down 0.4% at 1,103.54 per dollar after the Bank of Korea held rates at 1.25%, as expected. The euro is down 0.4% at 1.1216 against the dollar. Earlier, Germany posted a 19.4 billion euro trade surplus in July, below expectations of 22.0 billion euro. The Australian dollar is down by 1.2% at .7553 per dollar. The Japanese yen is down by 0.2% at 102.65 per dollar.