NEW YORK: The dollar dipped to three-week lows on Wednesday as Treasury yields held below recent highs and improving risk appetite reduced demand for the safe haven currency.
The dollar has gained this year as Treasury yields rose on expectations of faster growth and higher inflation. That trade has paused this month, however, with yields stabilizing below one-year highs reached last month.
The dollar index fell to as low as 91.662, the lowest since March 19, and was last at 91.733, down 0.05% on the day.
The euro gained 0.13% to $1.1965. The greenback fell 0.05% to 108.98 Japanese yen.
The New Zealand dollar rose to a three-week high of $0.7122 after the country’s central bank held its official interest rate and asset purchase program steady, as expected.
In cryptocurrencies, bitcoin touched a record high of $64,895 ahead of the listing of cryptocurrency platform Coinbase on Nasdaq later on Wednesday.