Dollar Retreats as Treasuries Jump With Gold: Markets Wrap
- Greenback sinks most in six months, 10-year yields tumble
- China intervention sparks retreat ahead of U.S. jobs report
What's Driving the Dollar Lower?
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The dollar fell and Treasuries rallied with gold as asset moves sparked by Donald Trump’s election showed signs of faltering ahead of Friday’s U.S. jobs report.
The greenback weakened a second day after reaching a 14-year high, as China moved to stem capital outflows and investors reconsidered Federal Reserve rate intentions. U.S. stocks recovered from session lows to end little changed, as defensive shares that’ve been battered during the post-election rally led gains. The yield on 10-year Treasury notes slid below its level prior to the Fed’s December rate increase, while emerging-market shares erased post-election losses. The offshore yuan surged and gold reached a four-week high.