HONG KONG : The yen edged higher ahead of the outcome of a central bank policy meeting on Tuesday, while the dollar seemingly ignored U.S. Treasury yields hitting new near two-year highs on their return from a long weekend break.
The weakness in the dollar came even as U.S. Treasury yields continued to gain, with the short end of the curve hitting new pandemic highs, which would normally be supportive for the greenback. Yields have been rising this year, with traders expecting the Federal Reserve to begin hiking interest rates as soon as March, but the dollar index, which measures the greenback against six peers has lost 0.52per cent year to date.
He said theories for the anomaly included investors reacting early to the fact the dollar has historically peaked around the time the Fed has raised rates, or they were trading in anticipation of a surge in global economic growth. But he said he was not convinced by either argument.
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