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Forex Market Analysis and News: Dollar Up, Boosted by Higher Yields and Rising Hopes of U.S. Recovery

The dollar was informed Wednesday morning in Asia, with higher U.S. yields and rising hopes of a U.S. economic recovery from COVID-19 supporting the greenback.

Yields on 10-year U.S. debt saw their biggest gains in two months on Tuesday, attracting Japanese investors, before a huge $38 billion auction later within the day.

“That is reflected within the rotation in equities into more cyclical sectors and plays into the thought that U.S. Treasury yields should be higher, reflecting that improvement in prospects for the worldwide recovery... Dollar/yen is that the most sensitive...but higher U.S. Treasury yields should in theory be broadly supportive for the dollar,” NAB senior FX strategist Rodrigo Catril told Reuters.

Meanwhile, uncertainty surrounding the newest U.S. stimulus measures capped the dollar’s gains, with investors looking to ascertain if Congress can reach a consensus for the measures.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies gained 0.13% to 93.765 by 9:53 PM ET (2:53 GMT), and therefore the USD/JPY pair was up 0.14% to 106.62.

The AUD/USD pair fell 0.13% to 0.7133 and therefore the NZD/USD pair slipped 0.18% to 0.6564. with both Antipodean countries continuing their battle against COVID-19.

Australia saw consumer confidence collapse, with the Westpac consumer sentiment index diving 9.5% to 79.5 in August. The second largest city of Melbourne is currently under stage 4 COVID-19 restrictions, and therefore the country reported the most important daily rise in infections in three days on Wednesday.

Across the Tasman Sea , Auckland re-entered lockdown as four new cases, New Zealand’s first in 102 days, were reported. The Federal Reserve Bank of latest Zealand handed down its rate of interest policy decision, which followed expectations and remained unchanged at 0.25%.

“It’s far timely to mention what the precise implications are, but the return of COVID-19 presents downside risk to the outlook... the (policy) committee can ill-afford to be complacent, and wish to underscore that they're going to do what it takes. We thus expect a really dovish tone, which poses significant downside risks for the New Zealand dollar,” ANZ analysts warned during a note before the choice .

The USD/CNY pair rose 0.22% to 6.9563 and therefore the GBP/USD pair was down 0.10% to 1.3035. The GBP came struggling after Tuesday's release of market data that missed expectations and indicated that British job losses were at their highest level in additional than a decade last quarter.

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