NEW YORK, April 12 — The dollar held just below two-year highs against a basket of currencies yesterday, still supported by higher US Treasury yields, while the euro rallied after French leader Emmanuel Macron beat far-right challenger Marine Le Pen in the first round of presidential voting.
“There was maybe a bit of a relief rally, but it’s going to be hard for the euro to really get more upside traction until the event risk fully passes,” said Erik Nelson, a macro strategist at Wells Fargo in New York. “What we’ve heard from the BOJ so far has been very consistent that they’re not concerned about this move and, if anything, they’re comfortable with the move,” said Nelson. “Given the way rates are moving, the attractiveness of selling the yen and earning a positive rate of interest on that trade, that’s going to continue to be a one-way bet for I think quite a while.”The next major economic focus in the United States will be consumer price data for March due today.
China’s yuan weakened against the dollar on investor concern over capital outflow and currency depreciation pressure after benchmark yield differentials turned negative between the Asian economic powerhouse and the United States.
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