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Dollar eases as Treasury selloff calms ahead of Fed minutes
The euro rose 0.3% to $1.1611, while the dollar index slipped 0.3% as the 10-year Treasury yield fell to 4.696%.
The U.S. dollar weakened against major currencies on Wednesday as a selloff in U.S. Treasuries eased, leaving investors focused on the Federal Reserve minutes for new clues about the rate outlook.
According to Reuters, the euro rose 0.31% to $1.1611 near a two-month high, sterling gained 0.22% to $1.3562 after UK inflation data, and the yen strengthened 0.35% to 159.04 per dollar after pulling back from the 160 level.
The dollar index fell 0.29% to 99.36, while the benchmark 10-year Treasury yield declined to 4.696% and the 30-year yield dipped to 5.283% after both recently reached multi-year highs.
Some investors cautioned against assuming the higher-yield environment is over, with one strategist saying a 10-year Treasury yield in the 4.8% to 5.0% range could put “jitters” into markets and pressure valuation-sensitive stocks as the Fed minutes arrive at 2 p.m. Eastern.
Latest closeDollar index 99.64 ▼0.3%