FX Update: The dollar has declined for a fourth-straight session
FX Update: The dollar has declined for a fourth-straight session versus the euro and other currencies. The narrow trade-weighted USD index (DXY) is presently at a two-week low of 88.80, showing a 0.3% decline on the day and now racking up a 1.8% loss on the week so far. EUR-USD lifted to a two-week peak of 1.2487, and AUD-USD also posted a two-week high, while Cable logged a one-week high. USD-JPY continued to lead the dollar lower, with the pair showing over a 0.6% loss on the day as the London interbank community take to their desks. This is despite the 10-year U.S. Treasury yield rising to four-year highs during the Asia session, extending the move seen since yesterday's hotter than expected U.S. CPI data. The revived risk appetite evident in global markets has been putting U.S. held assets out of favour as investors seek out higher yields, which is weighing on the greenback. With regard to USD-JPY specifically, also in the mix were remarks by Japan's finance minister, Aso, who said that recent yen strength was not sufficient to "require intervention."