US Dollar Stable Despite Rising Yields; Fragile Risk Appetite Limits Upside

US Dollar remains broadly stable despite elevated yields providing support

Q3 GDP growth expected to accelerate to 4.1%, but may need to reach 5% to prompt significant USD gains

Higher yields pose challenges for risk assets and could dampen risk appetite

Rate of GDP growth expected to slow in Q4 after rebound in Q3

MUFG analysis suggests fragile risk appetite limits upside for yields and Dollar