Economic news

Dollar's rally loses steam as Treasury yields slip

The dollar failed to extend its recent rally on Tuesday as Treasury yields slumped after a broad rise in the currency boosted by easing U.S.-China trade tensions.

Photo: Reuters

The dollar’s index was steady at 93.414 .DXY, having fallen from a five-month peak of 94.058 touched on Monday.

The euro gained 0.3 percent to $1.1830, after earlier sliding to its trough since around mid-November.

The greenback had risen by 5.4 percent since mid-February, its largest surge since 2015. Traders who had taken big positions versus the U.S. currency hurried to unwind and cover their positions, pushing it even higher.

Investors awaited the minutes of the U.S. Federal Reserve’s last policy meeting and preliminary euro zone's PMI data for May.

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