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Forex News: U.S. Dollar Depreciates On Falling Treasury Yields

U.S. Dollar Depreciates On Falling Treasury Yields

10/01/2021 - 10:31:00 (RTTNews)

(RTTNews) - The U.S. dollar fell against its major counterparts in the European session on Friday amid a fall in treasury yields, as fears over a high inflation and a slowdown in the global economic growth pushed up the demand for safe-haven treasuries.

The benchmark yield on the 10-year note fell 1.49 percent. Yields move inversely to bond prices.

Chinese authorities have ordered state-owned firms to secure adequate fuel supplies for the upcoming winter to avoid a power crisis.

Beijing is struggling to deliver more coal to utilities as power failure is threatening to derail growth in the world's second largest economy.

Inflation worries continued after Eurozone inflation accelerated for the third straight month in September.

Inflation advanced to 3.4 percent in September from 3.0 percent in August, flash data from Eurostat showed. The rate was also above economists' forecast of 3.3 percent.

The U.S. House of Representatives delayed a vote on $550 billion infrastructure bill on Thursday as Democrats clashed over the size of the plan.

Senator Joe Manchin of West Virginia insisted that he would not support a spending package exceeding $1.5 trillion, while progressives wanted a broader $3.5 trillion package.

Data from the Commerce Department showed that personal income edged up slightly less than expected in the month of August.

The Commerce Department said personal spending crept up by 0.2 percent in August after jumping by 1.1 percent in July. Economists had expected income to rise by 0.3 percent.

Meanwhile, the report said personal spending climbed by 0.8 percent in August following a revised 0.1 percent dip in July. Spending was expected to increase by 0.6 percent compared to the 0.3 percent uptick originally reported for the previous month.

The greenback rose against its major peers in the Asian session, except the yen.

The greenback depreciated to a 2-day low of 0.9281 against the franc and a 3-day low of 1.3750 against the pound, from yesterday's closing values of 0.9315 and 1.3472, respectively. The greenback is seen finding support around 0.90 against the franc and 1.39 against the pound.

Extending its decline, the greenback hit a 4-day low of 110.91 against the yen. The pair had closed Thursday's deals at 111.25. Should the greenback slides further, 108.00 is possibly seen as its next support level.

Data from the Ministry of Internal Affairs and Communications showed that Japan jobless rate came in at a seasonally adjusted 2.8 percent in August.

That was unchanged from the July reading, although it exceeded expectations for a rate of 2.9 percent.

The greenback reached as low as 1.1607 against the euro, down from Thursday's close of 1.1576. Next key support for the currency is seen around the 1.18 area.

The greenback edged down to 1.2653 against the loonie, compared to Thursday's closing quote of 1.2676. The greenback is likely to find support around the 1.24 level.

The greenback weakened to a 2-day low of 0.6944 against the kiwi and a 3-day low of 0.7274 against the aussie from yesterday's closing quotes of 0.6896 and 0.7227, respectively. The greenback may challenge support around 0.72 against the kiwi and 0.75 against the aussie.

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