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Dollar weakens as focus turns to Fed minutes
Wednesday, 23 May 2018 03:58 WIB | CURRENCIES |DOLLARDolar AS

The dollar slipped on Tuesday after six straight days of gains, as U.S. Treasury yields dipped and investors looked for fresh incentives to buy the currency following a nearly 7 percent rally since mid-February.

The dollar™s recent uptrend has been supported by generally upbeat U.S. economic data that has kept the Federal Reserve on track to raise interest rates at least two more times this year.

In contrast, other major central banks such as the Bank of Japan are not in a tightening mode.

The divergence referred to the difference in monetary policies between the Fed and other central banks, which has been a major prop for the dollar.

In late trading, the dollar index was down 0.1 percent at 93.605, after hitting a five-month high on Monday. The index, which tracks the dollar against a basket of currencies, was on pace for its largest daily loss in two weeks.

U.S. Treasury yields pulled back from last week™s seven-year highs though, but still traded above 3 percent on Tuesday.

In other currency pairs, the euro dipped 0.1 percent against the dollar to $1.1778 amid political uncertainty in Italy.

The dollar, meanwhile, slipped 0.1 percent against the yen to 111 yen JPY=, after touching a four-month peak on Monday.

Source: Reuters

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