As the US 10-year yield moves higher, the USD is moving lower. That is not the normal relationship, but it is today.
Technicals seem to be in play as the 10-year yield bounces off a key support area near 4.34%. Meanwhile, the USD is breaking to the downside against a number of the major currencies.
So technicals seem to be the driving force behind the moves.
This article was written by Greg Michalowski at www.forexlive.com. Source