TOKYO: The dollarNSE -0.44 % sagged on Tuesday after weak US economic data while commodity-linked currencies such as the Canadian and Australian dollars drew support from an ongoing surge in crude oil prices.
The dollar index against a basket of six major currencies stood little changed at 97.083 after losing 0.35 per cent the previous day, marking its biggest daily decline since March 20.
In addition to pressure from buoyant commodity-linked currencies, the dollar was weighed by data showing US durable goods orders declined in February and as the euro bounced as investors squared positions ahead of an upcoming European Central Bank meeting.
"And the latest bounce in US yields did not provide much lift for the dollar as they still remain at low levels in absolute terms."
The 10-year Treasury yield bounced overnight to 2.518 per cent, edging further away from a 15-month low of 2.34 per cent plumbed at the end of March. The yield was still significantly below its recent highs around 2.8 per cent hit in early March.
The Canadian dollar was little changed at C$1.3314 per dollar after gaining more than 0.5 per cent overnight.
The Australian dollar was steady at $0.7121 after rising 0.3 per cent the previous day.
Oil prices have surged to five-month highs on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela.
The euro was effectively flat at $1.1256 after advancing 0.4 per cent on Monday, when it ende ..
The dollar index against a basket of six major currencies stood little changed at 97.083 after losing 0.35 per cent the previous day, marking its biggest daily decline since March 20.
In addition to pressure from buoyant commodity-linked currencies, the dollar was weighed by data showing US durable goods orders declined in February and as the euro bounced as investors squared positions ahead of an upcoming European Central Bank meeting.
"And the latest bounce in US yields did not provide much lift for the dollar as they still remain at low levels in absolute terms."
The 10-year Treasury yield bounced overnight to 2.518 per cent, edging further away from a 15-month low of 2.34 per cent plumbed at the end of March. The yield was still significantly below its recent highs around 2.8 per cent hit in early March.
The Canadian dollar was little changed at C$1.3314 per dollar after gaining more than 0.5 per cent overnight.
The Australian dollar was steady at $0.7121 after rising 0.3 per cent the previous day.
Oil prices have surged to five-month highs on expectations that global supplies would tighten due to fighting in Libya, OPEC-led cuts and US sanctions against Iran and Venezuela.
The euro was effectively flat at $1.1256 after advancing 0.4 per cent on Monday, when it ende ..
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