NEW YORK, July 10 — The dollar edged lower yesterday, along with the Japanese yen, as riskier currencies were favoured, with the rally in US Treasuries running out of steam and global stock markets steadying.
The rise in yields supported riskier assets and currencies, with global stock markets rising and the commodity-linked Australian and New Zealand dollars catching a bid. “Yesterday’s decline in dollar-yen is reversing together with risk appetite in equities suggesting no wider spillover effects across markets for now — the same move is seen in the US 10-year yield bouncing back above 1.3 per cent,” said Steen Jakobsen, chief investment officer at Saxo Bank.
Elsewhere, the People’s Bank of China said it would cut the reserve requirement ratio — the percentage of deposits lenders must hold on to — for all banks by 50 basis points, effective from July 15, helping spur the move back into riskier assets.
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