Dollar Drops to Two-Week Low Versus Yen as Treasury Yields Fall
- Stops taken out at 116.55, next target 115: SMBC’s Pianfetti
- USD declines against all of its G-10 peers, led by yen
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The dollar dropped to a two-week low against the yen as traders pushed it through stops in thin trading amid a slide in Treasury yields.
The greenback weakened against all its major peers Thursday, with leveraged funds shorting the dollar against the yen as the currency pair continued a pull back from a 10-month high. Bloomberg’s dollar gauge posted a sharp retreat from gains earlier this week, after a strong five-year Treasury note auction Wednesday sent yields lower, sapping demand for the U.S. currency.