The dollar steadied on Friday as a spike in U.S. bond yields and a drag on risk sentiment from lacklustre Chinese economic data slowed a selldown of the U.S. currency, which was headed for its longest weekly losing streak since 2010.
FILE PHOTO: U.S. dollar notes are seen in this November 7, 2016 picture illustration. REUTERS/Dado Ruvic/Illustration
Tepid demand in a long-dated U.S. government bond auction on Thursday also extended a surge in Treasury yields that has drawn some investors - especially from Japan - back to dollars. “Dollar crosses will continue to be driven by U.S. yields and whether the corrective move higher - and mini U.S. bond market tantrum - continues into next week,” Patel said.
Against a basket of currencies, the U.S. dollar remains 0.2% lower for the week, but it seems to have arrested a slide that has it about 9.5% below its March peak. The dollar index was headed for its eighth consecutive week of losses, its longest weekly losing streak since June 2010.Preliminary European employment and GDP numbers due at 0900 GMT and U.S. retail sales figures at 1230 GMT are the next set of data for investors to parse for signs of divergence between the U.S.
The euro slid 0.1% to $1.1806 in early London deals on Friday and the pound was a shade higher at $1.3072, as investors sought to focus on a rebound in growth in June rather than a stunning 20% quarterly contraction.
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