Greenback grows as American yields resume rise
On Wednesday, the evergreen buck pared earlier losses against the Japanese yen and euro and headed north, as American debt yields resumed their surge.
The dollar’s revenues were limited, though market participants braced for a gathering by the Organization of the Petroleum Exporting Countries later in the day, that could spark volatility in financial markets and apply pressure on the greenback.
The greenback tacked on 0.3%, hitting 112.690 yen, having traded as low as 112.060.
It grew to 113.340 overnight on robust revised American GDP data, though had failed to sustain its revenues, as American yields, a major driver of the greenback recently, initially pulled back from 16-month peaks before ascending in Asia on Wednesday.
The common currency edged down 0.2%, trading at $1.0632, thus reacting to a surge to $1.0660. It had earned 0.3% overnight.
The US dollar has surged 7% vs. the yen and ascended 3% against the euro in November. It was driven because Donald Trump's US election win brought Treasury yields higher on hopes for stepped up fiscal spending.