XE Market Analysis: Europe – May 28, 2021

The dollar has remained underpinned by a rise in longer-dated Treasury yields, with the 10-year T-note yield lifting above 1.62%, up about 7 bp from the midweek lows. News that U.S. President Biden will present his $6 tln (which includes the near $2 tln for pandemic relief, and the $4 tln for a decade long infrastructure and social spending plan) lifted Treasury yields and gave stock markets a boost, despite Biden’s administration indicating that it is aiming to make a capital gains tax increase retroactive to April.

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