Euro slips on Italian political risk and U.S. bond yield rise
Thursday, 17 May 2018 15:28 WIB | CURRENCIES | Euro

The euro hovered near five-month lows on Thursday as investors fretted about the demands of Italian populist parties and as a fresh rise in U.S. government bond yields underpinned demand for the dollar.

The euro laboured close to the $1.18 mark at $1.1795 and down 0.1 percent on the day, slightly above the $1.1763 2018 low it hit on Wednesday.

The euro has slumped from more than $1.24 in April after a blistering dollar rally in which investors have bet that U.S. interest rates will need to rise further to curb inflation while other central banks postpone tightening.

That has forced investors with big positions against the dollar, which had been predicted to fall in 2018, to rush to unwind and cover their positions, pushing the greenback even higher.

Some analysts say the market is still complacent about the possibility of the dollar rising.

The dollar index paused at 93.373 below the 2018 high of

U.S. Treasury yields continued their recent rally with the 10-year government bond yield hitting 3.12 percent, the highest since 2011.

The dollar rose 0.2 percent 110.575 yen, its highest since January.

The Australian dollar added 0.2 percent to $0.7529 after gaining 0.6 percent overnight, buoyed by a rise in prices of commodities such as copper. Other commodity-linked currencies like the Canadian dollar also advanced.

Source: Reuters

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