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Business

February 14, 2018

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Dollar retreats

Dollar retreats

TOKYO: The dollar retreated on Tuesday as global equity markets showed some signs of stability after their recent rout, reviving risk appetite that has fuelled bets against the U.S. currency on prospects of its narrowing interest rate advantage.

Still, many market players are not convinced the worst is over, with U.S. bond yields stuck at elevated levels ahead of Wednesday´s U.S. consumer price data that could rekindle worries about inflation.

"I think markets will remain shaky until (Federal Reserve Chairman Jerome) Powell´s congressional testimony on Feb. 28. Markets will try to test him until they hear his thinking," said a trader at a U.S. bank.

The dollar´s index against a basket of six major currencies stood at 90.1392, having fallen 0.26 percent on Monday and edging away from Thursday´s half-month high of 90.569.The euro traded at $1.2290, bouncing off last week´s low of $1.2206, though it was still more than two cents below its 3-year high of $1.2538 hit on Jan. 25. Buying the euro was one of the popular trades earlier this year on the view that the European Central Bank will scale back its stimulus later this year on the back of a strong recovery in the euro zone economy. —Reuters

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