US Treasury yields have been rising over the last few weeks in the wake of rising inflation expectations. As a result, the 10-year yield has been bringing the US Dollar Index along for the ride with it.
On a 240-minute chart, 10-year yields have formed a flag formation. If yields are breaking out today on the 240-minute time, the target is near 1.7%.
Although there are other factors at play besides the direction of 10-year yields, the benchmark yield appears to be giving direction to some of the US Dollar pairs.
Use the key benchmark yield as one of your tools when trying to determine direction for the US Dollar.