TOKYO - The dollar remained on the back foot on Wednesday after dovish comments from Federal Reserve Chair Jerome Powell sent U.S. bond yields lower, overshadowing a strong domestic jobs report.
The dollar index, which measures the currency against the euro, sterling, yen and three other major peers, was little changed at 105.66 early in the Asian session, after a 0.14% retreat in the previous session.Sterling held its ground at $1.2689 after rising 0.28% on Tuesday. President Joe Biden's faltering debate performance last month has triggered a move higher in long-term Treasury yields, amid greater risk of Trump retaking the White House, resulting in higher tariffs and bigger spending.
"A Trump presidency would likely bring higher fiscal deficits, inflation and yields at the mid- to long-end of the U.S. rates curve, countering the impact of Fed rate cuts," he added. "This possibility will likely see the BOJ save its intervention bullets for now." Elsewhere, the Australian dollar rose 0.11% to $0.6675, helped by better-than-estimated retail sales data.
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