Dollaren nåede i dag det laveste niveau i to uger som følge af en lavere amerikansk rente og som følge af, at den amerikanske centralbank ikke er kommet med nye signaler om pengepolitikken. Ifølge centralbankens referat fra sit seneste møde (the minutes), er banken stadig bekymret over pandemien og er parat til at pumpe flere penge ind i økononien, hvis det er nødvendigt. Den 10-årige amerikanske rente er nu på 1,67 pct.
Dollar stuck near two-week lows amid lower U.S. yields
The U.S. dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower, after minutes of the Federal Reserve’s March policy meeting offered no new catalysts to dictate market direction.
Fed officials remained cautious about the risks of the pandemic – even as the U.S. recovery gathered steam amid massive fiscal stimulus – and committed to pouring on monetary policy support until a rebound was more secure, the minutes showed Wednesday.
The dollar index which measures the greenback against a basket of six currencies, was little changed at 92.425 early in the Asian session, after dipping to as low as 92.134 on Wednesday for the first time since March 23.
The benchmark 10-year Treasury yield was around 1.67% on Thursday, after dipping below 1.63% overnight. It hit a more than one-year top of 1.776% late last month.
The S&P 500 eked out a modest gain on Wednesday, moving mainly sideways since surging to a record high to start the week.
Although he said the market’s direction is difficult to call, the chief currency strategist at Citigroup Global Markets Japan expects the next move for the greenback to be lower.
“Current market sentiment is mild risk-on, and under such circumstances the dollar will weaken gradually – but no big moves,” Citi’s Osamu Takashima said.
The retreat in U.S. yields has also removed a driver for dollar gains, he said.
The euro consolidated around $1.1865 after rebounding from an almost five-month low of $1.1704, also touched on March 31.
“As such, EUR/USD is vulnerable to a move lower towards 1.1700 in the near-term.”