Currencies Overview: Dollar Struggling to Recover From Lowest Level in 7 Weeks on US yields

The dollar weakened on Wednesday April 21, hovering just above the lowest level in seven weeks in light of the decline in US bond yields, which reduced the demand for currency returns.

The US currency, which is considered a safe haven, has received some support from the decline in global stocks from record highs, as the escalation of Coronavirus cases from India to Canada deteriorated expectations for a rapid global recovery.

The yen was also supported by the demand for safe havens, as the Japanese currency rose to a new peak in seven weeks at 107.88 per dollar on Wednesday.

The dollar index, which tracks the performance of the US currency against six currencies, reached 91.254 in Asia after it fell to 90.856 on Tuesday for the first time since the third of March. The index has fallen 2.1% since the start of the month.

And the single European currency was trading at $1.20275, after touching a seven-week high of $1.2079 overnight.