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US dollar steady at three-month low
The US dollar remained near its lowest level in three months after the US Treasury Department moved to increase purchases of long-term Treasury bonds, aiming to calm a wave of selling in the bond market. This led to a surge in 30-year bond yields to their highest level in 19 years at approximately 5.337%, alleviating some of the fears of chaotic selling of long-term bonds. Additionally, the dollar’s weakness supported the Japanese yen, which moved away from the 160-yen mark per dollar and stabilized around 158.41 yen. Meanwhile, the British pound rose to a three-month high of 1.3631 dollars, as markets continued to grapple with concerns about the potential for US interest rate hikes due to inflation, despite recent weak economic data.
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