Dollar slips to three-week low

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TOKYO (Reuters) – The dollar fell to multi-week lows against the euro and the yen on Wednesday, after an uptick in a U.S. consumer price gauge did not spark wider fears about accelerating inflation and the Federal Reserve’s tapering, pushing down U.S. bond yields.


The dollar ticked down 0.2% to 108.80 yen, touching its lowest level in three weeks, down about 2 percent from a one-year peak hit at the end of last month.

The euro popped up 0.1% to $1.1960, hitting its highest level since mid-March, as it extended a rally from a five-month low of $1.1704 set on March 31.

Pound Skids to Three-Week Low

Against the Swiss franc, the U.S. currency slipped to 0.9201 franc, near its lowest levels in six weeks.

Forex Signals – Dollar Weakens Ahead of Sterling

The greenback’s fall came as U.S. bond yields dipped, thus reducing the currency’s yield attraction, as solid demand for a 30-year bond auction trumped rises in consumer inflation.


The 10-year U.S. Treasuries yield dipped to 1.620%, also its lowest levels since late March.

The U.S. consumer price index jumped 0.6% in March versus the previous month, the largest gain since August 2012, and rose 2.6% from a year earlier, both 0.1 percentage point above market expectations.

Dollar Slips to New Lows

The core CPI, which excludes volatile foods and energy, was also a tad stronger than expected, with a year-on-year increase of 1.6%.

“It seems like the markets have already priced in economic normalisation as U.S. bond yields have risen considerably, with the five-year yield almost reaching 1% at one point,” said Minori Uchida, chief currency strategist at MUFG Bank.

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The Singapore dollar rose 0.25% to S$1.3376 per U.S. dollar after the Monetary Authority of Singapore (MAS) left its exchange-rate policy settings unchanged.

The Russian rouble gained about 2% overnight after U.S. President Joe Biden called on Russian President Vladimir Putin to reduce tensions between Russia and Ukraine.

Biden phoned Putin to propose they meet in a third country, in a sign of concern about tensions spinning out of control in the Ukraine crisis.

In cryptocurrencies, bitcoin hit a record high of $63,860.71 ahead of the listing of cryptocurrency platform Coinbase on Nasdaq later in the day.

Dollar slips to three-week low

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Dollar slips to three-week low