The greenback pared gains against major rivals while the 10-year yield topped 5% but then dived near the 4.8% mark.

• The US dollar index DXY fell 0.8% in early-trading Tuesday after forex participants looked elsewhere to find bargains. The gauge, measuring the dollar’s value against six rival currencies, fell to 105.50 from a session high of 106.40, and it’s looking to close a second straight day in the red.
• The greenback was on the defensive against most major rivals. The EURUSD flipped higher to trade near $1.0650. The USDJPY broke its range-bound trading to the downside and erased about 50 pips to an exchange rate just under ¥149.50. And the GBPUSD rose for a fourth-straight day to cross $1.2250.
• Against that backdrop, the yield on the 10-year Treasury note topped 5% on Monday, a high unseen since 2007. It then retreated to find support at 4.84%. The 2-year Treasury yield fell to 5.06% and the 30-year Treasury yield dropped to 4.998%. Treasury notes are generally regarded as a safe, no-risk investment since they’re backed by the US government.