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LONDON, Sept 27 - The dollar scaled a 10-month high on Wednesday, pushing the euro and sterling to six-month lows and keeping the yen deep in intervention territory, as the prospect of higher-for-longer U.S. rates gripped markets.
Sterling eased 0.2% to its lowest since March 17 at $1.2134, and was headed for a quarterly loss of more than 4%. That has sent U.S. Treasury yields to multi-year highs as money markets have adjusted expectations of where U.S. rates could peak, and for monetary conditions to remain tighter for longer than initially thought.
The dollar/yen pair tends to be extremely sensitive to changes in long-term U.S. Treasury yields, particularly at the 10-year maturity. "The fundamental upside pressure from bond yields is simply too great to ignore," said Alvin Tan, head of Asia FX strategy at RBC Capital Markets. Elsewhere, the Aussie fell 0.5% to $0.6365, barely blinking at Wednesday's data pointing to an acceleration in Australia's inflation last month, matching expectations.
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