4 A paper based on data between 2005 and 2017 found that about half of the reaction  in German domestic yields spills over to U.S. yields following ECB announcements, which was nearly identical to the spillover from U.S. yields to German bund yields measured following Federal Open Market Committee announcements.
See Stephanie E. Curcuru, Michiel De Pooter, and George Eckerd (2018), "Measuring Monetary Policy Spillovers between U.S. and German Bond Yields," International Finance Discussion Papers 1226 (Washington: Board of Governors of the Federal Reserve System, April). 5 The Federal Reserve's broad trade-weighted dollar index is based on 26 currencies of  major U.S. trading partners.