Greenback under pressure, Canadian dollar near six-year high

Business | 18 May 2021 8:59 am

The US dollar teetered near multi-month lows against European currencies on Tuesday as Treasury yields stall due to renewed expectations that U.S. interest rates will remain low for an extended period, Reuters reports.

Dallas Federal Reserve President Robert Kaplan on Monday reiterated his view that he does not expect interest rates to rise until next year, causing a further decline in bets that inflationary pressure could force the Fed to act sooner.

Against the euro, the dollar traded at US$1.2157, close to the weakest since February 26.

The British pound bought US$1.4151, near its strongest since late February.

The Canadian dollar traded near a six-year high against the greenback, supported by a rise in oil prices.

The dollar held steady at 109.22 yen. The currency pair has been locked in a narrow range as worries about Japan's slow pace of coronavirus vaccinations offset weakness in the greenback.



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