The dollar and yen were at the low end of their recent ranges in thin holiday trading on Thursday, having fallen overnight as investors favoured riskier currencies along with equities.
The moves seemed to be linked to recent improved sentiment as many governments resist imposing new, widespread lockdowns, even as the Omicron variant of the coronavirus surges.Register now for FREE unlimited access to Reuters.com"The U.S. dollar resumed its retreat overnight as markets continue to price in finishing Omicron fears thanks to low hospitalisations," said Jeffrey Halley, a senior market analyst for Asia Pacific at Oanda.
"That has encouraged investors out of defensive positioning and back into the global recovery trade." The euro was at $1.1352 in early Asian trading, after gaining 0.35% and touching a one-month high the day before.This left the dollar index , which measures the greenback against major peers, at 95.862, languishing near its lowest in a month.
But with many traders away ahead of the year-end, analysts cautioned against reading too much into the moves. "In times like these we trade very technically as short-term jobbers try to eek out some final year-end gains," Brad Bechtel, global head of FX at Jefferies, said in a note to clients.rising U.S. yieldsBenchmark 10-year yields reached 1.56% on Wednesday, the highest since Nov. 29, in U.S. trading after the Treasury sold $56 billion in seven-year notes to weak demand.The moves in currencies were in keeping with the broader market.
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