Greenback climbs to new high versus yen, euro

Business | 31 Mar 2021 9:31 am

The US dollar climbed to a fresh one-year high versus the yen and traded near multi-month peaks with other rivals on Wednesday as investors bet that massive fiscal stimulus and aggressive vaccinations will help the U.S. lead a global pandemic recovery, Reuters reports.

The dollar index held above 93 after surging as high as 93.357 on Tuesday. It has climbed from close to 90 at the start of March, on course for its best month since 2016.

The greenback set a fresh one-year top of 110.48 yen early in Wednesday’s Asian session, and hovered near Tuesday’s almost five-month high of US$1.1711 per euro.

The dollar was also supported from a spike in U.S. bond yields, which make the currency more attractive as an investment.

The yield on the benchmark 10-year Treasury note jumped to a one-year high of 1.776 percent on Tuesday.

Australia’s dollar edged up to US$0.7608, consolidating after its drop to US$0.7564 last week, the lowest level seen this year.

The yuan traded around 6.57 per US dollar in the offshore market, from the weakest since November at 6.5838, touched on both Monday and Tuesday.


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