"Right now it's month-end rebalancing," said Ian Lyngen, head of US rates strategy at BMO Capital Markets in New York, noting the next major market catalyst will be next Friday's jobs report for April.
The yields fell back down in the afternoon, however, and are now trading in the middle of their recent range.
The currency dipped to a session low 15.0875 after the Reserve Bank's (SARB) decision, which while in line with consensus was more dovish in tone than expected.
