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Dollar buoyed as Treasury yields stabilise

Published : Thursday, 14 January, 2021 at 12:00 AM  Count : 51

LONDON, Jan 13: Stabilising US Treasury yields helped the dollar trade back in positive teritory on Wednesday, though investors remained bearish on the currency's near-term prospects.
Benchmark 10-year Treasury yields fell more than 6 basis points from a 10-month high hit on Tuesday, briefly snuffing out a three-day winning streak for the dollar. They last traded 2 basis points lower at 1.12per cent, helping the currency trade 0.1per cent higher against its peers.
The euro, having earlier made its sharpest daily gain against the greenback, lost ground to trade 0.15per cent lower on the day at $1.2189.
Sterling bucked the trend and strengthened against the dollar to $1.37, having been boosted the previous day by the Bank of England governor talking down the prospect of negative interest rates.
The Australian and New Zealand dollars fell 0.3per cent and 0.4per cent respectively, with the Aussie hitting $0.7745 and the kiwi at $0.7195.
The pullback in yields pushed the dollar below 104 Japanese yen to trade at 103.79 yen.
Investors maintained their bearish stance on the greenback.
 "We continue to think the greenback's downtrend should remain intact as long as global recovery prospects stay intact," said Mark Haefele, chief investment officer at UBS Global Wealth Management in London.
The dollar index was 0.1per cent higher at 90.14 after falling 0.5per cent on Tuesday and is not far above last week's close to three-year low of 89.206.
"We think that there are really two main reasons for that (dollar not weakening now)," said Calvin Tse, North America Head of G10 FX at CitiFX.    —Reuters

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