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Business

May 16, 2018

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Dollar strengthens

Ag Reuters

SINGAPORE: The dollar inched up against a basket of currencies on Tuesday from its lowest level in more than a week as hopes for an easing of global trade tensions pushed U.S. bond yields higher.

The dollar´s index versus a basket of six major peers rose about 0.1 percent to 92.647, pulling up from 92.243 on Monday, which was its lowest level since May 2.The benchmark 10-year U.S. Treasury yield edged up about 1 basis point in Asian trading to 3.001 percent, after rising 2 basis points on Monday. The benchmark yield was supported by signs of an easing in trade tensions between the United States and China after U.S. President Donald Trump pledged to help Chinese telecoms firm ZTE Corp, which has been penalised for violating U.S. sanctions with Iran.

The dollar, which hit a four-month index high of 93.416 last week, has lost steam after soft April U.S. consumer price data raised doubts as to whether the U.S. Federal Reserve would raise interest rates as many as four times in 2018.But some traders remain upbeat about its near-term outlook. Stephen Innes, head of trading in Asia-Pacific for Oanda in Singapore, said he is comfortable remaining long U.S. dollar, with interest rate differentials still likely to work in its favour.

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