Dollar nears two-year low as investors push euro to record high

The dollar index fell for the fifth straight day on Tuesday, nearing its lowest level in two years as it fell under pressure from low yields and gloomy U.S. economic data.

The dollar index lost 0.3% to 92.55, nearing a two-year low of 92.49. 

A rally in tech stocks suppressed the safe-haven bid for the dollar, while a worse-than-expected reading of the New York Fed’s Empire State business conditions index prompted traders to maintain the bearish mood for the greenback.

Against the euro, the dollar fell 0.2% to $1,1895. It slid 0.5% to 105.40 against the yen. 

The 10-year U.S. Treasury bond yields fell below 0.70% in recent days after recovering from a 0.50% low it hit earlier in the month.

The U.S. currency also fell 0.5% to $1.3170 against the British pound, its weakest in almost two weeks.

Elsewhere, the offshore yuan firmed to 6.9192 on the dollar, a level unseen since early March. This came despite President Donald Trump’s further restrictions against Chinese tech gear maker Huawei.

The kiwi stayed weak as Auckland remained under lockdown, with several investors anticipating future monetary easing from the country’s central bank. The currency bought $0.6549.