The dollar is heading towards its worst consecutive weekly decline since the start of the year as Treasury yields continue to decline as investors increasingly accept the Fed’s insistence on maintaining an easing policy stance for a longer period.<\/p>\n\n\n\n
Record 10-year Treasury yields fell to a one-month low of 1.528% overnight, moving away from the year-high of 1.776% it hit at the end of last month, even in the face of retail sales and employment data that came stronger than expected on Thursday.<\/p>\n\n\n\n
Mary Daly, chair of the San Francisco Reserve Bank, said on the same day that the US economy is still far from making “significant progress” towards the central bank’s targets for two percent inflation and full employment, the level set by the Federal Reserve to begin studying reducing its support for the economy.<\/p>\n\n\n\n
These remarks echo comments made by Fed Chairman Jerome Powell in several speeches over the past week that policymakers will turn a blind eye to short-term price increases in light of the ongoing weakness in the labor market.<\/p>\n\n\n\n
The dollar index, which tracks the performance of the greenback against six of its counterparts, fell to its lowest level in nearly a month at 91.487 on Thursday before settling at 91.654 in the European session.<\/p>\n\n\n\n
The index is heading to record a 0.5% decline in the week, to continue declining 0.9% in the previous week.<\/p>\n\n\n\n
The dollar traded at 108.94 yen and is heading for a loss of 0.8% for the week, following a 0.9% decline last week.<\/p>\n\n\n\n
The euro was trading at $ 1.1977, and the single currency is up 0.5% on a weekly basis, adding to a 1.3% rise last week.<\/p>\n\n\n\n
Some analysts point out that the strong gains of Wall Street, with the S&P 500 and the Dow reaching record highs, are putting pressure on the traditional safe haven dollar in light of the growing appetite for risk.<\/p>\n\n\n\n
The Chinese yuan fell 0.1% to 6.5230 per dollar on the overseas market.<\/p>\n\n\n\n
In cryptocurrencies, Bitcoin settled near $ 61,583, below the record high of $ 64,895 reached on Wednesday, when the first trading took place on the cryptocurrency platform Coinbase on Nasdaq in a direct listing.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
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