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Cryptopolitan 2024-12-30 05:14:58

US Dollar surges backed by US treasury yields

Rising US treasury yields boosted the dollar, while the Japanese yen hit five-month lows on Monday. However, most currencies were steady due to low year-end liquidity. According to a recent report by Reuters, the yen slid to 157.71, and speculation of Japanese intervention could prevent another test of the 160 level seen in July But the US dollar index, which tracks the currency against major rivals, was flat at 107.98. The euro stayed at $1.0429, not far from recent lows, as holiday trading dampened movements. The euro is on course to close the year around 5.5 percent lower versus the dollar. Rising U.S. Treasury yields have supported the US dollar, marking the 10-year benchmark yield to a seven-month high. On Monday, it was close at 4.625 percent. Australian broker Pepper Stone’s research head, Chris Weston, said, “Despite paid forecasters almost universally calling for a weaker U.S. dollar in 2024, the greenback looks set to close the year higher against all major currencies with the buck reigning supreme.” The US dollar index rose 2.3% this month, bringing its total year gain to 6.6%. That’s the third consecutive month of growth and comes ahead of expectations that President-elect Donald Trump’s policies, including less regulation, lower taxes, higher tariffs, and tighter immigration rules, will spur economic growth and inflation, keeping U.S. yields elevated. The US dollar has gained 10 yen since December 3, following the majority of the yen’s drop following the Federal Reserve’s cautious tone on future rate cuts on December 18. The yen has tumbled to 158.09 per dollar, less than 10.6% down from the year-to-date after dropping to its weakest since July 17. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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