* Dollar falls back to early March lows
* Euro rebounds after upbeat purchasing manager data
* U.S. yields languish as Fed meeting next week comes into focus
* Biden tax plan hammers cryptocurrencies
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
(Revises throughout, updates prices and comments; new byline, changes dateline, previous LONDON)
By David Henry
NEW YORK, April 23 (Reuters) - The dollar fell against major currencies on Friday as U.S. yields
languished and the euro was boosted by an upbeat survey of purchasing managers.
The dollar index =USD was off 0.2% at 91.07, around levels it saw in early March. It has given up some
of the gains made earlier in the year when yields on 10-year U.S. Treasuries notes were rising.
The yields on the notes hovered around 1.56% on Friday, as they have been all week. They had reached
1.75% at the end of March.
The euro EUR=EBS rose 0.3% on the day to $1.2055 after a purchasing managers' index for April came in
better than expected in the euro zone and supported the view that the region's economic recovery is
accelerating and won't lag as far behind the U.S. recovery as earlier. A similar U.S. survey also came out later on Friday and seemed to buoy the dollar shortly afterward.
Friday morning's market was "a continuation of what we have seen since the beginning of the month," said
Marc Chandler, chief market strategist at Bannockburn Global Forex in New York.
"The dollar had a very strong first quarter and the market is still unwinding that," Chandler said.
Trading in a narrow range this week, the dollar in the first quarter gained 3.6% but it has lost about
2.3% so far in April.
Markets now are looking toward next week's meeting of the U.S. Federal Reserve to review monetary policy
and the economy.
Fed Chair Jerome Powell is expected to echo Thursday's message from European Central Bank President
Christine Lagarde that scaled back some expectations for a withdrawal of monetary easing. Lagarde said talk
of the ECB phasing out emergency bond purchases was premature. Powell's remarks could put more downward pressure on Treasury yields and limit any bounce of the dollar.
"Real yields in the U.S. remain deeply negative on a 10-year basis and reflect some of this uncertainty
that will continue to limit the upside for the U.S. dollar," said Derek Halpenny, an analyst at MUFG.
The Australian AUD=D3 and New Zealand dollars NZD=D3 firmed on Friday, but traders said risks are
pointed to the downside due to the recent weakening in commodity prices.
The British pound rose 0.1% on the day. GBP=D3 .
Bitcoin and other cryptocurrencies suffered hefty losses on Friday on concern that U.S. President Joe
Biden's plan to raise capital gains taxes will curb investment in digital assets. Bitcoin, the biggest and
most popular cryptocurrency BTC=BTSP , slumped 5% to $48,250, falling below the $50,000 mark for the first
time since early March, while smaller rival Ether ETH=BTSP fell about 6%. Currency bid prices at 10:15AM (1415 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index =USD 91.0700 91.2870 -0.22% 1.210% +91.2940 +90.8940
Euro/Dollar EUR=EBS $1.2055 $1.2016 +0.33% -1.33% +$1.2076 +$1.2013
Dollar/Yen JPY=EBS 107.9400 107.9650 -0.02% +4.47% +108.0000 +107.4800
Euro/Yen EURJPY= 130.11 129.72 +0.30% +0.00% +130.1700 +129.6000
Dollar/Swiss CHF=EBS 0.9164 0.9169 -0.05% +3.58% +0.9173 +0.9143
Sterling/Dollar GBP=D3 $1.3851 $1.3842 +0.07% +0.00% +$1.3895 +$1.3836
Dollar/Canadian CAD=D3 1.2501 1.2503 -0.01% -1.83% +1.2509 +1.2470
Aussie/Dollar AUD=D3 $0.7733 $0.7708 +0.33% +0.53% +$0.7744 +$0.7693
Euro/Swiss EURCHF= 1.1048 1.1015 +0.30% +2.23% +1.1052 +1.1017
Euro/Sterling EURGBP= 0.8701 0.8680 +0.24% -2.64% +0.8710 +0.8673
NZ NZD=D3 $0.7177 $0.7166 +0.16% -0.06% +$0.7193 +$0.7151
Dollar/Dollar
Dollar/Norway NOK=D3 8.3205 8.3835 -0.75% -3.10% +8.3625 +8.3140
Euro/Norway EURNOK= 10.0295 10.0507 -0.21% -4.18% +10.0625 +10.0224
Dollar/Sweden SEK= 8.4085 8.4263 +0.07% +2.59% +8.4615 +8.3959
Euro/Sweden EURSEK= 10.1380 10.1314 +0.07% +0.61% +10.1551 +10.1155
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