Dollar Rises, Yields Climb Higher as Weak Earnings and High Inflation Data Dampen Risk Appetite; Bitcoin Surges on ETF Hopes

The U.S. dollar rose to a near 1-week high against a basket of currencies as risk appetite faded due to weak corporate results.

Treasury yields rose, pressuring mega-cap stocks lower. The 10-year yield inched higher, moving toward a 16-year peak.

The Australian dollar initially jumped on high inflation reading but then erased the gains as risk appetite soured.

The Bank of Canada held its key rate steady and forecast weak growth, leaving door open to more hikes.

Bitcoin was up around 15% for the week, fueled by speculation of an imminent bitcoin ETF.