ab 28 May 2025 Global Research Global FX Strategy FX Compass: Going separate ways Figure 1: USD TWI and 30y yields have diverged sharply since 2 Apr 3 3.5 4 4.5 5 5.5 1150 1200 1250 1300 1350 23 24 25 BBDXY US 30y yield, rhs Source: Bloomberg, UBS The ebb and flow of news stories alongside the shifting drivers of price action continue unabated, leaving FX price action noisy and indecisive. Just a week ago, global long-end bond yields were surging in unison, as spikes in longer-dated Japanese yields combined ...