NEW YORK: The US dollar reached a fresh four-month high before slashing its gains on Thursday, as yields on US Treasuries dipped and investors’ appetite for risk shrunk.

The dollar index was mostly unchanged at 92.6410 in mid-morning trading.

The euro was down 0.12% against the dollar, at $1.1800, with analysts forecasting it could embrace the $1.16 range, as Europe’s economic recovery from the pandemic lags.

The Australian and New Zealand dollars, which dropped in the previous two sessions, edged back up slightly against the US dollar, but both were only up by around 0.1% on the day overall.

Bitcoin extended recent losses, down 1.43% at $51,535.69.

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