(Refiling to restore dropped word "as" to headline)
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
By Stephen Culp
NEW YORK, Feb 17 (Reuters) - The dollar rose on Wednesday
as rising Treasury yields and upbeat economic data helped the
greenback gain ground against a basket of world currencies.
Bitcoin BTC=BTSP touched a record high of $51,721, a day
after the cryptocurrency crossed the $50,000 level for the first
time. That brought its total market capitalization to more than
$900 billion, as traders bet on its further acceptance among
major companies. U.S. retail sales and producer prices data blew past analyst
estimates, signaling a stronger-than-expected economic recovery
from the pandemic recession as vaccine deployment gains
momentum. "We had a rather strong retail sales data and PPI is firming
up, providing another round of economic data that supports the
belief that the reflation trade is not going away and that
inflation is approaching us," said Edward Moya, senior market
analyst at OANDA in New York.
Rising U.S. bond yields also gave the dollar a boost, with
the 10-year yield rising as high as 1.333% US10YT=RR from
around 1.20% at the end of last week.
"The dollar in the short term is going to benefit from
yields," Moya said "Long-term, we're talking about a weaker
dollar, but in the short term we could see further strength as
yields remain elevated."
"Everyone is going to want to ride this trade until we hear
from (U.S. Federal Reserve Chairman Jerome) Powell next week,"
Moya added.
The dollar index, a measure of the currency's strength
against six other major currencies, recovered from Tuesday's
three-week low of 90.117 to last stand 0.26% higher at 90.943.
=USD
The yen, which is sensitive to U.S. yields, reacted the most
with the dollar, jumping to as high as 106.21 yen in Asian
trade, its highest since September, before retreating to 105.90
JPY= .
The euro slipped 0.5% to $1.20 EUR= .
The positive mood on the economic outlook is underpinning
risk-sensitive currencies.
The British pound fell 0.3% to $1.39 GBP=D4 , having
reached its highest level since April 2018 on Tuesday.
The Australian dollar fell 0.19% to $0.77 AUD=D4 .
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Currency bid prices at 9:56AM (1456 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Dollar index =USD 90.9330 90.7090 +0.26% 1.058% +91.0380 +90.6170
Euro/Dollar EUR=EBS $1.2042 $1.2104 -0.52% -1.44% +$1.2105 +$1.2031
Dollar/Yen JPY=D3 105.9000 106.0150 -0.10% +2.54% +106.2150 +105.8500
Euro/Yen EURJPY= 127.51 128.35 -0.65% +0.46% +128.4500 +127.4600
Dollar/Swiss CHF=EBS 0.8974 0.8928 +0.50% +1.42% +0.8983 +0.8927
Sterling/Dollar GBP=D3 $1.3858 $1.3902 -0.32% +1.43% +$1.3907 +$1.3844
Dollar/Canadian CAD=D3 1.2727 1.2691 +0.29% -0.05% +1.2746 +1.2688
Aussie/Dollar AUD=D3 $0.7738 $0.7754 -0.19% +0.60% +$0.7771 +$0.7725
Euro/Swiss EURCHF= 1.0805 1.0804 +0.01% -0.02% +1.0811 +1.0795
Euro/Sterling EURGBP= 0.8688 0.8706 -0.21% -2.79% +0.8720 +0.8681
NZ NZD=D3 $0.7169 $0.7208 -0.53% -0.15% +$0.7213 +$0.7159
Dollar/Dollar
Dollar/Norway NOK=D3 8.5000 8.4470 +0.91% -0.73% +8.5265 +8.4470
Euro/Norway EURNOK= 10.2364 10.1969 +0.39% -2.21% +10.2703 +10.1938
Dollar/Sweden SEK= 8.3384 8.2912 +0.08% +1.73% +8.3499 +8.2833
Euro/Sweden EURSEK= 10.0409 10.0330 +0.08% -0.35% +10.0555 +10.0318
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World FX rates https://tmsnrt.rs/2RBWI5E
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