US dollar softens vs Asian currencies and the Euro

Asia  (Feb 14)  The dollar softened on the US reports, which helped point Asian emerging markets currencies towards weekly gains. The Indonesian rupiah hit a near 11-week high on Friday, after data showed that country’s current account deficit narrowed sharply in the fourth quarter.

The yield on benchmark 10-year Treasury notes stood at 2.717% in Asian trade, compared with Thursday’s US close of 2.736%.

US yields rallied this week after the US Congress approved an increase in the debt limit and incoming Federal Reserve chair Janet Yellen maintained the central bank’s commitment to gradually withdraw its stimulus.

Against the yen, the greenback’s early gains unraveled, and it slumped about 0.4% on the day to 101.75 yen, moving away from Thursday’s session high of 102.58 yen.

The dollar index slumped about 0.1% to 80.251, though it remained above Thursday’s low of 80.194, a level last seen on Jan 24.

The euro was holding steady at US$1.3676, not far from the previous session’s high of US$1.3692, which was its highest since Jan 27.

(Source:  FMT-News)