• US 10-year yield back above 5% after Fed-speak shifts hawkish

• USD has outperformed, but the bar for a 50bp hike remains a high one

• CHF has strongest inverse link to yields, hence underperformance - cleanest FX expression of yield move

• Spot nearing resistance at 0.8380-0.8400. Next objective above here would be 0.8475 (May 2025 peak)

• Plethora of upcoming Fed-speak will be key to gauge appetite for larger hike, particularly Williams
rolling correlation FX and US 10 yr yield

Justin McQueen is a Reuters market analyst. (The views expressed are his own). ((Email: ))