Dollar climbs past four-month high as risk appetite wanes

NEW YORK: The US dollar climbed against a basket of major currencies again on Thursday, leaping over a four-moth high, as investors' pared their appetite for risk.

The dollar index rose about .28% to 92.85 in afternoon trading. The greenback for the year is now up more than 3%.

Yields on Treasuries climbed to their highest in the session after weak demand for the second month in a row at an auction on seven-year notes. The session high yield was 1.642%.

On Thursday afternoon they yielded 1.630%.

The rise again in the dollar indicated investors were shrugging off positive data showing fewer-than-expected Americans filed new claims for unemployment benefits last week, and commentary from US President Joe Biden that the economy is gaining steam.

"The dollar has been grinding higher over the last few days," said Mazen Issa, senior currency analyst at TD Securities. "The bias here is that the dollar ... remains elevated."

US stocks, rose late in the day on Thursday in a session marked by choppy trading.

Concerns about extended lockdowns in Europe also weighed on markets. Leaders in Europe met to discuss how to ramp up supplies of COVID-19 vaccines after a slow start to inoculations.

The euro was down 0.41% against the dollar, at $1.1767 , with analysts forecasting it could embrace the $1.16 range, as Europe's economic recovery lags.

The dollar was up .39% against the yen at 109.1500.

The Australian and New Zealand dollars, which dropped in the previous two sessions, edged down slightly against the US dollar.

Bitcoin was roughly flat, down 1.43% at $52,360.51.

The cryptocurrency briefly topped $57,000 after Tesla Inc boss Elon Musk said on Wednesday customers can now buy the company's electric cars with the digital token.