US dollar weakens as US bond yields slip from recent highs

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By businesstimes.com.sg

The US dollar slid against major rivals on Friday as investors took advantage of a minor pullback in US bond yields from recent highs and a holiday-shortened week to consolidate gains that had propelled the currency to a nearly 14-year peak.

Expectations of higher US inflation and interest rate hikes by the Federal Reserve have driven the greenback to a more than 6 per cent gain in the last two months, its strongest showing over a similar period since early 2015.

Most currency players expect the gains to continue. But the combination of the US Thanksgiving holiday, the processing of corporate flows before the month-end and perceived risks looming for markets in the first half of December led some to cash in gains now.

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