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Dollar gives back part of weekly gains as yen rebounds

The pullback follows a week in which surging Treasury yields and higher expectations for further Fed tightening pushed the dollar to multi-month highs.

Reported · Written up by our desk · Major Pairs

Action Forex reports the U.S. dollar weakened broadly on Friday, giving back part of a yield-driven advance from earlier in the week.

The outlet said the daily picture showed USD lower versus EUR, JPY, GBP, CHF, AUD, and NZD, with CAD as the main exception.

Action Forex attributed the Friday retreat to traders adjusting positions into the weekend, calling the move a partial retracement rather than a reversal of the rates-driven story.

The report added that the dollar was still on track for its first back-to-back weekly gain in more than three months, amid long-dated Treasury yields sitting near multi-decade highs.

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