Wed. Jun 7th, 2023

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Dollar made profit

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Dollar hits 2-week peak on Tuesday. It is due to rise in US bonds and the second wave virus fears drive safe-haven bid. This led to riskier currency decline.

The biggest loser was the Australian dollar, which dropped about 0.8% to a one-week low, while the kiwi extended falls.

The euro fell below $1.08 for the first time in almost a week and the Japanese yen nursed an overnight loss of about 1% to sit at to 107.48 per dollar, the bottom end of a range it has kept since mid April.

The greenback was buoyed by a steepening U.S. yield curve, as Federal Reserve officials talked down the prospect of negative rates, and as the bond market braces for an immense borrowing spree from the U.S. Treasury.

At the same time, progress on plans to re-open economies has been overshadowed by worries about fresh infections of COVID-19 as easing of restrictions in South Korea and Germany were soon met by spikes in new cases there.


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