Dollar falls to five-month low

Dhaka,  Wed,  24 May 2017
Published : 13 Apr 2017, 13:44:43
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Dollar slumps broadly after Trump’s comments

Dollar falls to five-month low
The dollar slumped broadly on Thursday, falling to a five-month low against the yen, after US President Donald Trump helped accelerate its recent decline by saying the currency was too strong.

The greenback took a heavy hit after Trump told the Wall Street Journal that the dollar "is getting too strong" and that he would prefer the Federal Reserve to keep interest rates low.

The US currency was 0.3 per cent lower at 108.805 yen JPY= after stooping to a five-month low of 108.730. In a bearish technical signal, the pair broke below its 200-day moving average of 108.75.

The dollar has shed 2.0 per cent against the yen so far this week, with the safe-haven Japanese currency already on a bullish footing because of a rise in geopolitical tensions.

The euro rose 0.1 per cent to $1.0669 EUR=, not far from a six-day high of $1.0675 reached overnight.

The Australian dollar was given some breathing room. It was up 0.5 per cent at $0.7567 AUD=D4.

The dollar was on track for its third straight day of losses against China's yuan CNH=D3, after rising to a one-month high at the start of the week.

The yield on the benchmark US 10-year Treasury note US10YT=RR was at 2.234 per cent after touching 2.221 per cent, its lowest in nearly five months, according to Reuters.
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