Dollar steamrolls global markets
The almighty greenback is holding near its highest levels since March this morning as rising oil prices and slower disinflation fears force Treasury yields upward. The major North American equity bourses are under pressure and risk-sensitive currencies are licking their wounds. Half-hearted defence efforts from policymakers are doing little to reverse the tide. The euro is up just 0.2 percent after European Central Bank Governing Council member Klaas Knot warned markets could be “underestimating” the likelihood of a rate hike at next week’s meeting, and his colleague Peter Kazimir said he would prefer to “deliver another 25 basis points” and...