Dollar ends August at two-year low, fourth month of losses
The dollar hit a more than two-year low and a fourth straight month of losses on Monday in the wake of the U.S. Federal Reserve’s policy shift on inflation.
Against a basket of currencies =USD the dollar was last down 0.08% at 92.161, after hitting its lowest since May 1, 2018. It is down about 1.5% for the month, marking its worst August in five years and the longest run of monthly losses since the summer of 2017.
The euro EUR=, which has the heaviest weighting among the six currencies in the dollar index basket, was up 0.24% at $1.193, after gaining around 1.4% in August, also its fourth straight month of increases.
Investors are adjusting to a speech last Thursday in which Fed Chair Jerome Powell outlined an accommodative policy change that is believed could result in inflation moving slightly higher and interest rates staying lower for longer.
The yen JPY= weakened by 0.5% to 105.87 per dollar on the view that Japan's next leader will stay the course on the 'Abenomics' economic revival program. The yen climbed to 105.18 on Friday after Shinzo Abe's resignation as prime minister for health reasons.
10-year Treasury yield falls below 0.7% to start the week
Treasury yields dipped on Monday as traders geared up for the last trading session of the month and looked ahead to key jobs data at the end of the week.
The yield on the benchmark 10-year Treasury note, which moves inversely to price, fell 4 basis points to around 0.69%, while the yield on the 30-year Treasury bond was also lower at 1.46%. The benchmark rate jumped above 0.75% last week.
Reference: CNBC, Reuters
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