US 10-year yield hit highest since Mar. 31

The yield on the US 10-year Treasury note rose to 2.428 percent in the overnight trade; its highest level since March 31.

At the time of writing, the yield is trading at 2.417 percent. A move above 2.40 percent marks a bullish break on the technical charts and could bode well for the US dollar.

The yield has been driven higher by renewed hopes of tax reform in the US and heightened odds of more hawkish Fed in 2018. FT report says, "traders are positioning themselves for a more hawkish Federal Reserve under an anticipated change in the chair of the central bank."

Also helping the yield break above 2.4 percent was the surge in the Eurozone bond yields on Tuesday. The European Central Bank is widely seen trimming its monthly bond purchase program on Thursday.