U.S. dollar skids amid declining Treasury yields, weak data

Fri, 24 Mar 2023

U.S. dollar skids amid declining Treasury yields, weak data

Xinhua
18 Mar 2023, 06:05 GMT+10

NEW YORK, March 17 (Xinhua) -- The U.S. dollar fell broadly against its major rivals in late trading on Friday.

The dollar index, which measures the greenback against six major peers, dropped 0.67 percent to 103.7153.

In late New York trading, the euro rose to 1.0682 U.S. dollars from 1.0611 dollars in the previous session, and the British pound was up to 1.2197 U.S. dollars from 1.2121 dollars in the previous session.

The U.S. dollar bought 131.67 Japanese yen, lower than 133.49 Japanese yen of the previous session. The U.S. dollar was down to 0.9252 Swiss francs from 0.9298 Swiss francs, and it was down to 1.3719 Canadian dollars from 1.3725 Canadian dollars. The U.S. dollar was down to 10.4809 Swedish Kronor from 10.5152 Swedish Kronor.

"Declining Treasury yields and weaker-than-expected consumer sentiment report put pressure on the American currency," Vladimir Zernov, an analyst with market information supplier FX Empire, said on Friday.

U.S. Treasury yields decreased on Friday as investors cautiously assessed the state of the financial sector in the wake of recent banking turmoil. The yield on the benchmark U.S. 10-year Treasury fell by 19 basis points to around 3.39 percent on Friday afternoon, and the yield on the 2-year Treasury note also dropped. A rising yield is dollar bullish, while a falling yield is dollar bearish.

On the data front, the preliminary reading of the University of Michigan consumer sentiment index fell to 63.4 in March from February's 67, compared to the market consensus of 67.

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