Dollar rally runs out power
SINGAPORE (Reuters) – The dollar nursed losses on Wednesday as a retreat in U.S. yields sapped momentum from its recent rebound and investors cautiously resumed bets that it can resume sliding.
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Benchmark 10-year Treasury yields fell nearly 7 basis points from a 10-month high hit on Tuesday and the turnaround snuffed out a three-day streak for the dollar.
The Australian and New Zealand dollars rose from one-week lows, lifting the Aussie above 77 cents again to sit at $0.7680 and the kiwi over 72 cents to trade at $0.7226.
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The dollar fell through 104 Japanese yen to trade at 103.63 yen on Wednesday and the Chinese yuan also held gains to begin the day at a one-week high in offshore trade.
“The upward correction in the dollar index looks to be over and the downtrend has resumed,” ANZ analysts said in a note.
The euro steadied at $1.2208 and dollar index was steady at 89.991 on Wednesday after falling 0.5% on Tuesday. Sterling hit a week-high of $1.3680. Dollar Up Holds Onto Biggest Gains
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Dollar rally runs out power
Dollar rally runs out power
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