By: Barbara Zigah
The U.S. Dollar retreated in Asian trading today, falling against the Japanese Yen and the common currency Euro as the recent gains in U.S. treasury bond yields dipped slightly lower.
As reported at 2:20 p.m. (JST) in Tokyo, the greenback lost .3% against the Japanese Yen, trading at 83.83 Yen, with selling led by exporters in Japan; dollar resistance is pegged around the 84.40 to 84.60 Yen area. Against the Euro, the greenback lost .3%, trading at $1.3306; the common currency appears to be regaining some momentum following its breach of the stop-loss orders priced at $1.3280. The U.S. Dollar Index also lost ground, trading at 79.777 .DXY, a loss of .3%.
Later in the trading day, U.S. 30-year treasuries will be auctioned, and investors will likely be wary until then. The release later today (1:30 p.m. GMT) of claims for initial jobless benefits in the U.S. may also trigger movement in the bond yields.
Analysts are predicting 425,000 new benefit applications; 11,000 less than last week’s claims. The 4-week moving average last week hit a 2-year low, and should the numbers come in as predicted when they’re released, another new low will be struck which may result in higher bond yields.
U.S. Dollar Retreats as Investors Await U.S. 30-year Bond Auction
After working on Wall Street, Barb began her second career as a freelance writer at Daily Forex, where the CEO recognized fresh, untapped potential and was willing to give her a try. She’s never looked back. Since then, she’s worked steadily as a freelance writer and editor in the financial services and Forex-related industry.