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The dollar fell on Tuesday as US Treasury yields stopped rising after a wave of increases, which provided an opportunity for stock markets and helped the euro and pound to catch a breath and recover from multi-year lows.
The Australian dollar was also eye-catching, as it fell by about one percent after the country’s central bank surprised the markets by raising interest rates less than expected before recovering and joining the broad recovery wave.
The euro rose 0.5 percent to $0.9876, after hitting a 20-year low of $0.9528 on September 26. The pound also rose 0.6 percent to $1.1390, after hitting an all-time low of $1.0327 on the same day.
The yield on US 10-year Treasury bonds was 3.5677 percent, sharply down from last week when it briefly rose above 4 percent.
The recent rises in US bond yields and aggressive interest rate hikes by the Federal Reserve have been among the factors behind the dollar’s recent gains.
In Asia, the dollar changed little against the yen, reaching 144.7, to remain below 145 yen, which it crossed briefly yesterday for the first time since the Japanese authorities intervened to support its currency on September 22.
The Australian dollar rose 0.15 percent to $0.6525.
