Dollar soft after as US yields pause - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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The dollar was on the back foot on Thursday after tumbling overnight, particularly against sterling and the euro, as US yields paused their march higher, offering some relief to the bruised and battered yen.

Traders were also waiting for the European Central Bank meeting later in the day, to see whether they were in the same,more hawkish mood as their global peers.

However, while high, these were not quite as bad as some had feared, which observers said caused yields to pause.The British pound rose to $1.3131 in early trade, its highest in a week against the dollar, after jumping 0.9% on Wednesday, its biggest daily percentage gain since June 2021, partly boosted by high inflation figures.This left the dollar index which measures the dollar against six peers, at 99.818 after a 0.52% overnight tumble.

The market was positioned for a hint that the ECB might draw a line under its quantitative easing programme in the second quarter rather than the third, said Atrrill.The Bank of Korea, on Wednesday, surprised markets with a rate hike, and the Monetary Authority of Singapore also tightened policy. On Wednesday, the Bank of Canada and Reserve Bank of New Zealand both raised rates by 50 basis points, the largest hike for each in around 20 years.

 

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