The dollar failed to shrug off pressure from the Fed minutes released on Wednesday, which were more dovish than some market participants had expected. The yield on 10-year U.S. Treasuries fell to a two-week low of 2.372 percent overnight and was last at 2.375 percent, below Thursday's U.S. close of 2.388 percent. The greenback inched 0.1 percent higher to 112.76 yen but was just off a two-week low of 112.55 plumbed overnight and down 0.2 percent for the week. Mnuchin told CNBC that he wanted to see tax reform passed before Congress' August recess, a basic timeline that fit many investors' expectations but disappointed those hoping for more rapid reform and fuller details. "It's been one month now since Trump became U.S. president, and we're still waiting to see what he can do, particularly on tax reform," said Kaneo Ogino, director at foreign exchange research firm Global-info Co in Tokyo.
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Dollar poised for weekly losses after Fed minutes
ReutersThe dollar clawed back some ground on Friday after skidding to a two-week low against the yen, but was still on track for weekly losses after the Federal Reserve meeting minutes disappointed dollar bulls. The dollar failed to shrug off pressure from the Fed minutes released on Wednesday, which were more dovish than some market participants had expected. Also weighing on the dollar were new US Treasury Secretary Steven Mnuchin's remarks in his first televised interviews since taking office last week. The greenback inched 0.1 per cent higher to 112.76 yen but was just off a two-week low of 112.55 plumbed overnight and down 0.2 per cent for the week. The yield on 10-year US Treasuries fell to a two-week low of 2.372 per cent overnight and was last at 2.375 per cent, below Thursday's US close of 2.388 per cent.
LONDON: Commodity-related sectors led European shares lower for a third straight session on Friday while the dollar was poised for a weekly losses as the "Trumpflation trade" lost momentum. London copper prices recovered slightly from their big overnight fall on the back of fresh doubts about Chinese demand. Gold hit its highest in about 3-1/2 months on a weaker dollar and safe-haven demand. They knocked the dollar back and it was trading down 0.2 percent against a basket of other major currencies at 100.82, leaving it slightly down on the week and facing its first weekly loss in three. New U.S. Treasury Secretary Steven Mnuchin took the edge off that optimism overnight when he said any policy steps by the Trump administration would probably have only a limited impact this year.
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