The sell-off of the U.S. dollar continued, with the euro and the Japanese yen set to test major levels against the safe-haven greenback.
The euro rose 0.4% to $1.0437, edging closer to the recent four-month top of $1.048, while the dollar also weakened 0.6% against the Japanese yen to 138.74 yen. Measured against the dollar index , a basket of currencies, the dollar slid 0.2%, after falling 1% overnight. In the oil market, prices are set to test a major support level established in September. If they breach it, oil could tumble to levels not seen since before late 2021.
U.S. crude oil futures eased 0.2% to $77.74 per barrel, after tumbling more than 3% on Wednesday as the Group of Seven nations considered a price cap on Russian oil above the current market level.In the bond market, long-term U.S. Treasuries rallied overnight after the Fed minutes. Yields on 10-year notes dropped to a huge 79-basis-point deficit relative to two-year yields.
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