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The greenback declined but maintains a close to 11-month high as U.S. bond yields surge

By Rana Gharib
04 Oct,2023
The greenback declined but maintains a close to 11-month high as U.S. bond yields surge

Despite Wednesday's decline, the U.S. dollar managed to hold onto its previous gains thanks to a rise in the yield on American bonds.

The Us dollar index that gauges the greenback versus its major pairs dipped 0.2% at 106.80 but hovered close to the highest level in 11 months at 107.34 reached previously in the earlier session.

An developing narrative that the labor market in the greatest economy in the world was cooling—a trend that may lessen the upward pressure on wages—was shattered on Tuesday by a surprising increase in August job vacancies, which are frequently used as a proxy for labor demand.

EUR/USD inched up close to the Tuesday low at $1.0448.

GBP/USD advanced gearing away from the lowest level in 7 months touched in the earlier session at $1.2053.

USD/JPY remained below the carefully watched 150-per-dollar threshold after a brief increase the previous session fuelled rumors that Japanese officials may have intervened to stop the currency's decline.

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