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The pressure was back on the dollar on Wednesday as nagging fears that the Sino-U.S. trade war would drag on and severely hurt economic growth had led to yet another slide in U.S. bond yields.
The dollar index against a basket of six major currencies stood little change at 98.013 after dipping 0.1% overnight.
The greenback started on shaky footing this week but then recovered as safe-haven Treasury yields bounced from multi-year lows after U.S. President Donald Trump softened his tone against China and predicted the two countries would be able to reach a trade deal.
However, optimism on trade negotiations wilted as China’s foreign ministry dismissed U.S. suggestions that there had been contacting between the two sides, adding that it hopes Washington can stop its misleading actions and create conditions for talks.
The dollar's currency pairs, notably the safe-haven yen, got an additional boost as falls in long-term Treasury yields deepened the inversion of the U.S. curve, a phenomenon that has presaged several past U.S. recessions.
“The markets have pulled out of the latest rounds of chaos,” said Takuya Kanda, general manager at Gaitame.Com Research Institute, referring to the commotion in global markets at the end of last week when Washington and Beijing just announced their tit-for-tat tariffs in a further escalation of their trade dispute.
“But as the U.S. yield curve inversion shows, the markets’ economic views remain dim, and the yen ends up gathering more buyers than sellers,” Kanda said.
The 10-year U.S. Treasury yield extended declines from overnight and last stood at 1.461%, edging back toward 1.443%, its lowest since July 2016 brushed on Monday.
The dollar was a shade weaker at 105.680 yen after shedding 0.35% overnight, but still up from an eight-month low of 104.460 on Monday.
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