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Dollar Declined Amid A Retreat In US Yields

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During the Asian session, the risk tone seems mixed with Asian indices and safe-havens were mixed, and lower in yields.

In the FX markets, despite a mixed risk tone, the NZD is leading across the board, followed by GBP with the latter continuing to benefit from yesterday’s comments from BoE Governor Bailey, which cast doubt over any imminent adoption of NIRP.

Meanwhile, the USD declined with the DXY index dropped below 90.00 levels. Reuters assigned USD’s weakness to “a retreat in US yields”, a move which followed “mixed signals from some US Federal Reserve members” and “strong demand at a $38 billion 10-year auction overnight”.

Ahead of the European session, central bank speakers will be on the docket, beginning with ECB President Lagarde. However, the highlight of the day will be US CPI in the upcoming US session.

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