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FOREX-Dollar falters, along with yields on U.S. treasuries

Published 03/23/2021, 03:55 AM
Updated 03/23/2021, 04:00 AM
© Reuters.
USD/TRY
-
USD/SEK
-
DX
-
US10YT=X
-

* USD slips from 4-month high, in tandem with U.S. Treasury
yields
* Sterling flat against USD

(Updates with new levels, adds context, quote)
By Jessica DiNapoli and Saikat Chatterjee
NEW YORK, March 22 (Reuters) - The U.S. dollar stumbled from
four-month highs against a basket of currencies on Monday, in
line with a dip in U.S. Treasury yields.
A crisis with the Turkish lira over the weekend remained
largely contained in emerging markets.
The dollar index fell about 0.35% to 92.09 =USD , following
last week's gain of 0.5%.
The yield on U.S. Treasuries fell off 14-month highs on
Monday and was last down at 1.682%, but remained near one-year
highs as investors bet on an economic recovery. US10YT=RR

Yields had jumped after the Federal Reserve last week said
the U.S. economy was on track for strong growth. Investors are
now looking ahead to a Treasury auction later this week, which
could send yields rising again if demand is anemic, analysts
said.
Over the weekend, Turkish President Tayyip Erdogan's
surprise replacement of a hawkish central bank governor with a
critic of high interest rates dragged the lira down as much as
15% TRYTOM=D3 to 8.485 against the dollar. "One of the key stories today is that the sell-off in the
Turkish lira didn't have any major ripple effects," said Axel
Merk, portfolio manager at Merk Hard Currency Fund in Palo Alto,
California. "We have (Fed Chair) Jerome Powell speaking several
times this week, and he'll continue the story line from last
week, which in my view means that Treasury yields will be
contained, which is a negative for the dollar."
Turkey's surprise decision to replace its hawkish central
bank governor supported the dollar's safe-haven appeal.
Even with the greenback's dip on Monday, markets have been
slow to catch on to the rising dollar theme in recent weeks as
investors had bet a global economic recovery would prompt buying
of riskier currencies.
The Turkish lira TRYTOM=D3 stood at 7.75 per dollar. The
lira slumped 10% on Monday, the worst plunge since 2018.
The pound was roughly flat against the dollar as investors
focused on broader currency market drivers and the European
Union's threat to impose a ban on vaccine imports to Britain.
bid prices at 3:42PM (1942 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index =USD 91.7580 92.0920 -0.35% 1.975% +92.1550 +91.7050
Euro/Dollar EUR=EBS $1.1938 $1.1906 +0.27% -2.29% +$1.1947 +$1.1870
Dollar/Yen JPY=D3 108.7950 108.8650 -0.16% +5.23% +108.9500 +108.6500
Euro/Yen EURJPY= 129.88 129.58 +0.23% +2.33% +129.9400 +129.0500
Dollar/Swiss CHF=EBS 0.9238 0.9290 -0.56% +4.42% +0.9311 +0.9223
Sterling/Dollar GBP=D3 $1.3864 $1.3859 +0.04% +1.48% +$1.3876 +$1.3819
Dollar/Canadian CAD=D3 1.2519 1.2500 +0.15% -1.69% +1.2541 +1.2474
Aussie/Dollar AUD=D3 $0.7748 $0.7745 +0.06% +0.74% +$0.7756 +$0.7689
Euro/Swiss EURCHF= 1.1026 1.1059 -0.30% +2.03% +1.1063 +1.1009
Euro/Sterling EURGBP= 0.8610 0.8584 +0.30% -3.66% +0.8627 +0.8576
NZ NZD=D3 $0.7170 $0.7168 +0.04% -0.14% +$0.7182 +$0.7136
Dollar/Dollar
Dollar/Norway NOK=D3 8.4985 8.5175 -0.24% -1.05% +8.5880 +8.4770
Euro/Norway EURNOK= 10.1461 10.1538 -0.08% -3.09% +10.2085 +10.1200
Dollar/Sweden SEK= 8.5097 8.5386 -0.07% +3.82% +8.5780 +8.5009
Euro/Sweden EURSEK= 10.1588 10.1655 -0.07% +0.82% +10.1905 +10.1459


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World FX rates https://tmsnrt.rs/2RBWI5E
FX positions https://tmsnrt.rs/312oizv
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