The dollar struggled to make headway on Thursday, as very low U.S. yields and th...
SINGAPORE - 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.
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. An emergency 50 basis point interest rate cut by the Fed on Tuesday had sent the dollar backwards against most Asian currencies and down to a five-month low of 106.84 yen.
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. All of which, combined with the expectation of more monetary easing to offset the damage, snuffed a rally in the Australian and New Zealand dollars.
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