MUFG Bank’s Derek Halpenny stated that the dollar is at risk of falling given the lack of confidence in how the Federal Reserve will respond to the energy-price shock driven by the Middle East conflict. Fed Chairman Kevin Warsh has not provided clear signals about potential interest-rate rises, refraining from forward guidance. Concerns that the Fed could keep rates on hold despite elevated underlying inflation are causing a steepening of the Treasury yield curve. The 10-year Treasury yield rose to an 11-day high of 4.7354%.