The dollar was on the defensive on Tuesday after taking a beating against peers ...
TOKYO - The dollar was on the defensive on Tuesday after taking a beating against peers such as the euro and yen, hurt by a sharp slide in U.S. Treasury yields as traders raised their bets for a near-term rate cut by the Federal Reserve.
Treasury yields had already been on a steep decline as investors have been piling into safe-haven government bonds in the face of escalating trade tensions between Washington and its trade partners. “The dollar is even falling against currencies such as the euro. Participants have found an incentive to finally cover euro shorts on the sharp fall in U.S. yields,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.
The Australian dollar was a shade lower at $0.6971 after climbing to a three-week peak of $0.6983 the previous day in the wake of the broadly weaker greenback.
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