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Tumbling bond yields, coronavirus halt dollar advance
Thursday, 5 March 2020 13:13 WIB | CURRENCIES |PoundsterlingAussieDOLLAR

The dollar struggled to make headway on Thursday, as very low U.S. yields and the prospect of even more monetary easing held back gains, while virus fears supported the safe-haven yen.

Strong data showing U.S. services activity at a one-year high and hiring growth had pushed the greenback 0.3% higher on the euro overnight.

But with benchmark U.S. 10-year yields just a tad above 1% and futures markets pricing another 50 basis points of Federal Reserve cuts by July, the greenback failed to forge ahead in Asia, leaving the euro steady at $1.1136.

But deep concern about the widening economic fallout from the coronavirus outbreak had the yen rising 0.2% through Thursday and last trading at 107.33 per dollar.

The Aussie, which has climbed nearly 3% from an 11-year low hit last week, eased to $0.6619. The kiwi, which has climbed almost 2% from a Monday trough, sat at $0.6297.

The British pound held overnight gains after the incoming Bank of England governor said he would wait for more clarity about the virus before moving interest rates, rather than rushing to an emergency cut. The pound last bought $1.2873 and traded at 86.51 pence per euro.

Source : Reuters

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