US dollar weaker on decreasing state bonds yield

Posted 29 May, 2018

At the Asian session, the US dollar has slightly decreased on Tuesday, though the index was recorded above 94 just a day before.

The US Dollar index rose to some 94.50 Tuesday morning. An upturn is related to reports about still possible US-North Korea summit.

At the same time, the yield of the 10Y US state bonds plunged to 2.89%, the lowest level over more than a month. As a result, demand for the greenback has slackened.

The US dollar-to-yen went down to 108.88 for now, which can be a new bottom since the start of May. Japan posted stable unemployment rate at 2.5%, though the ratio of job openings and jobseekers changed from 1.6% to 1.59%.

The Australian dollar decreased to 0.7534 against its American counterpart. In China, the PBOE set the reference rate at 6.3962 (6.4021 yesterday). The greenback moved up to 6.4161 in the pair with the yuan.

Some pressure on risk assets comes from the political turmoil in Italy. Specifically, Italy's president refused to appoint an anti-EU candidate for the position of the minister of economy and finance. As a result, the leading parties Five Star Movement and League gave up attempts to create the government. In this situation, investors decided to switch from euro and reinvest money into the Japanese yen.

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