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USD below three-month highs

FOREX_USD-below-3-month-highs_FXPIG

The dollar held steady against a basket of major currencies on Monday after pulling back slightly from a 3-1/2-month high last week, pressured by a decline in the benchmark U.S. 10-year Treasury yield.

The dollar’s index against a basket of six major currencies stood at 91.561 .DXY, steady on the day but down from Friday’s high of 91.986, its strongest level since Jan. 11.

The dollar index had risen more than 1.3 percent last week for its biggest weekly gain in over two months, after the U.S. 10-year Treasury yield rose above the psychologically key 3.0 percent threshold to four-year highs.

The U.S. 10-year yield has since come off that peak and fell 3 basis points on Friday to 2.957 percent US10YT=RR, down from a four-year high of 3.035 percent struck on Wednesday.

Earlier this year, the correlation between U.S. yields and the dollar had broken down as investors focused more on trade frictions and geopolitical issues. Markets, however, have recently turned their attention back to interest rate plays as concerns over the U.S.-China trade dispute and tensions over North Korea’s nuclear program eased, giving the greenback a leg up.

The dollar inched up 0.1 percent to 109.12 yen, having set a 2-1/2 month high of 109.54 yen on Friday. But trade was thin with Japanese markets closed for a holiday.

The dollar has risen more than 2.6 percent against the yen in April, putting it on track for its best monthly performance since November 2016.

Another factor that is seen as having weighed on the yen recently is speculation about the potential for eventual yen-selling flows related to Japanese drugmaker Takeda Pharmaceutical’s (4502.T) $64 billion bid to buy London-listed Shire Plc (SHP.L).

Events and data coming up this week include the U.S. Federal Reserve’s May 1-2 policy meeting, at which the central bank is widely expected to keep interest rates unchanged, as well as U.S. jobs data due on Friday.

In addition, a delegation of U.S. officials, including Treasury Secretary Steven Mnuchin and President Donald Trump’s top economic and trade advisers - Larry Kudlow, Robert Lighthizer and Peter Navarro - are all expected in China later this week for trade negotiations.

The euro held steady at $1.2125 EUR=, having recovered from a 3-1/2-month low of $1.2055 set on Friday.

Sterling eased 0.1 percent to $1.3780 GBP=D3.

On Friday, the British pound had set a near two-month low of $1.3748 on Friday after Britain’s economy slowed far more than expected in the first quarter of 2018, slashing expectations the Bank of England will raise interest rates in May.

Source:reuters.com

The dollar held steady against a basket of major currencies on Monday after pulling back slightly from a 3-1/2-month high last week, pressured by a decline in the benchmark U.S. 10-year Treasury yield.

The dollar’s index against a basket of six major currencies stood at 91.561 .DXY, steady on the day but down from Friday’s high of 91.986, its strongest level since Jan. 11.

The dollar index had risen more than 1.3 percent last week for its biggest weekly gain in over two months, after the U.S. 10-year Treasury yield rose above the psychologically key 3.0 percent threshold to four-year highs.

The U.S. 10-year yield has since come off that peak and fell 3 basis points on Friday to 2.957 percent US10YT=RR, down from a four-year high of 3.035 percent struck on Wednesday.

Earlier this year, the correlation between U.S. yields and the dollar had broken down as investors focused more on trade frictions and geopolitical issues. Markets, however, have recently turned their attention back to interest rate plays as concerns over the U.S.-China trade dispute and tensions over North Korea’s nuclear program eased, giving the greenback a leg up.

The dollar inched up 0.1 percent to 109.12 yen, having set a 2-1/2 month high of 109.54 yen on Friday. But trade was thin with Japanese markets closed for a holiday.

The dollar has risen more than 2.6 percent against the yen in April, putting it on track for its best monthly performance since November 2016.

Another factor that is seen as having weighed on the yen recently is speculation about the potential for eventual yen-selling flows related to Japanese drugmaker Takeda Pharmaceutical’s (4502.T) $64 billion bid to buy London-listed Shire Plc (SHP.L).

Events and data coming up this week include the U.S. Federal Reserve’s May 1-2 policy meeting, at which the central bank is widely expected to keep interest rates unchanged, as well as U.S. jobs data due on Friday.

In addition, a delegation of U.S. officials, including Treasury Secretary Steven Mnuchin and President Donald Trump’s top economic and trade advisers - Larry Kudlow, Robert Lighthizer and Peter Navarro - are all expected in China later this week for trade negotiations.

The euro held steady at $1.2125 EUR=, having recovered from a 3-1/2-month low of $1.2055 set on Friday.

Sterling eased 0.1 percent to $1.3780 GBP=D3.

On Friday, the British pound had set a near two-month low of $1.3748 on Friday after Britain’s economy slowed far more than expected in the first quarter of 2018, slashing expectations the Bank of England will raise interest rates in May.

Source:reuters.com

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