Dollar on defensive after dropping to seven-week lows

Dollar on defensive after dropping to seven-week lows

The dollar lingered just above a seven-week low on Wednesday as subdued U.S. bond yields reduced the greenback’s appeal.

The dollar index traded at 91.196 in early Asian trade after dropping to as low as 90.856 on Tuesday, its lowest since March 3. The index has dropped 2.2% this month. 

The Japanese yen rose to a new seven-week peak of 107.88 against the dollar, while the euro stood at $1.2039. It hit a seven-week peak of $1.2079 overnight.

The 10-year U.S. Treasury yield traded at 1.56%, following a decline from a 14-month high of 1.7760% hit at the end of last month.

India posted 1,761 deaths from COVID-19, while the United States and Canada extended a closure for non-essential travellers.

The Canadian dollar stood at C$1.26050 against the dollar in Asia, while the Aussie climbed to $0.77335. 

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