NEW YORK, July 11 (Xinhua) — The U.S. dollar weakened on Tuesday because the benchmark 10-year U.S. Treasury yields slipped, whereas all eyes are on U.S. client costs information due on Wednesday.
The dollar index, which measures the buck towards six main friends, was down 0.24 % to 101.7344 in late buying and selling.
The U.S. Treasury yields have retreated from their highs seen final week, with the benchmark 10-year word dunking beneath 4 %. Traders are looking forward to Wednesday’s U.S. June inflation report, which is predicted to point out costs cooled on an annual foundation in June.
“Should the report show further signs of slowing inflation, this could fuel speculation around the Fed’s hiking cycle nearing an end,” mentioned Lukman Otunuga, market analyst at FXTM.
Growth of threat asset costs in main markets and enhancing traders’ sentiment additionally weighed on demand for the U.S. dollar on Tuesday.
Meanwhile, the governor of the Bank of England Andrew Bailey mentioned on Monday night time, “We will do what is necessary for as long as necessary to tackle inflation persistence and bring it back to the 2 percent target.”
In late New York buying and selling, the euro was unchanged at near 1.0999 {dollars} from 1.0999 {dollars} within the earlier session, and the British pound was as much as 1.2928 {dollars} from 1.2856 U.S. {dollars} within the earlier session.
The U.S. dollar purchased 140.4630 Japanese yen, decrease than 141.3010 Japanese yen of the earlier session. The U.S. dollar was all the way down to 0.8799 Swiss francs from 0.8854 Swiss francs, and it decreased to 1.3239 Canadian {dollars} from 1.3279 Canadian {dollars}. The U.S. dollar was all the way down to 10.6696 Swedish Krona from 10.7647 Swedish Krona.