Forex Market News

US Dollar May Recover on Firmer Risk Appetite, Fed Beige Book

The Australian Dollar fell after a bond auction of 10-year notes saw yields declining even as demand cooled, hinting at dovish shift in investors’ RBA policy outlook. The average yield at the sale fell from 2.81 to 2.52 percent and the bid-to-cover ratio edged down from 3.55 to 3.24 compared with an offering of analogous paper in late March.

The Yen also fell as Japan’s benchmark Nikkei 225 stock index rose, putting pressure on the perennially anti-risk currency. The US Dollar traded broadly higher as prices digested after suffering the largest daily loss in a month in yesterday’s session. That came as risk aversion swept financial markets, pressuring Treasury bond yields lower and eroding confidence in the Fed’s wherewithal to continue tightening.

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