NEWS： US Dollar Follows US Treasury Bond Yield Decline
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The dollar weakened against most major currencies on Wednesday, reversing some of the gains recorded last day as retail sales were stronger than expected, as yields on U.S. Treasuries fell and the market expected the Federal Reserve to cut interest rates.
The pound fell to a 27-month low against the dollar earlier as markets were uneasy about a no-agreement British retreat and then rebounded in U.S. trading.
Chris Gaffney, president of TIAA Bank Global Markets, said, "The US dollar is under pressure as the market digests interest rate cuts."
The possibility of action by the White House to weaken the dollar also weighs on the dollar. Earlier, President Trump tweeted on July 3 that the United States should "accompany" China and Europe to play the "exchange rate manipulation game".
"Whenever the president commented that the dollar needed to weaken, the dollar would come under pressure," Gaffney said.
In addition, the International Monetary Fund (IMF) said Wednesday that the dollar was overvalued by 6-12% on the basis of short-term economic fundamentals, while the exchange rates of the euro, the yen and the RMB were generally considered to be in line with fundamentals.
The euro hit a one-week low against the dollar and is close to the low end of this year's trading range as the market expects the ECB to ease monetary policy and investors prefer the higher-yielding dollar.
EUR = EBS fell to $1.1200 earlier Wednesday, then rebounded 0.10% to $1.1223.
The dollar fell 0.13% to 108.095 yen against the yen JPY = EBS.
GBP = D3 fell to a 27-month low of $1.2382 before rebounding to $1.2433. The pound also hit a six-month low of 0.9051 against the euro, EURGBP = D3.
The dollar index, which tracks the movements of the dollar against the euro, the yen, the pound and three other currencies, fell 0.20% to 97.204 after hitting a one-week high.
The benchmark 10-year Treasury yield fell 5.70 basis points to 2.063%.
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