Dollar hovers near three-week troughs as traders await inflation data

13.04.2021 - Petr Mazaylo
Dollar hovers near three-week troughs as traders await inflation data

The dollar languished near a three-week low against major peers on Tuesday, pressured by a decline in Treasury yields as traders waited for the highly anticipated U.S. inflation data later in the day. 

The dollar declined with U.S. yields this month after rallying to multi-month peaks on hopes that massive stimulus and continued monetary easing will lead to a faster U.S. economic growth and higher inflation.

The dollar index rose slightly higher to 92.170 in early Asian trade, but still near Thursday’s low of 91.995. It rallied to a near five-month high of 93.439 on the last day of March.

The 10-year U.S. Treasury yield traded at 1.6764% on Tuesday. It rose to a more than one-year high of 1.7760% on March 30.

Analysts forecast the dollar to trade in the $1.17 to$1.20 range against the euro. It last stood at $1.1904, near its lowest level since March 23.

Against the Japanese yen, the dollar stood at 109.49 after dropping below 109 last week, its weakest since March 25. 

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from umarkets.net or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue
×

Help with deposit?