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Business

February 10, 2018

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Dollar stable

Ag Reuters

NEW YORK: The dollar was little changed on Thursday against a basket of currencies in choppy trading, fading from a two-week high as investors reduced bets against the greenback on renewed turbulence in the stock and bond markets.

The dollar´s loss of upward momentum reinforced the view the currency is in a bear market trend.

A sell-off across global stock markets since late Friday, and bets that the United States could see at least three interest rate hikes in 2018 due to improving U.S. fundamentals have propelled the dollar in recent days.

Yet the dollar lagged against the yen and Swiss franc as investors sought safety on a day when Wall Street suffered steep losses and the U.S. 10-year Treasury yield flirted with four-year highs.

"You have a split in flight-to-safety bids when you have turbulent financial markets regardless of how well the global economy is doing," said Jason Leinwand, chief executive officer of FirstLine FX Currency Strategy in Randolph, New Jersey.

The index that tracks the dollar versus six currencies was marginally higher at 90.292. It has gained 1.2 percent since last Friday, putting it on track for its largest weekly gain since late October.

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