Dollar is moving up since late April. Here’s the chart.

But we know that speculative interest to the dollar is usually proportional to the treasury rates. When rates are up dollar is usually up, too, as foreign capital inflows.

Let see the chart of dollar index divided by the 10-year Treasury interest rate:

dollar vs treasuries

I understand that the dependency is not necessary linear, so dividing those values is a little bit like dividing apples by oranges, but it makes some sense.

On this chart dollar is making new 10-month lows.