The decline in US treasury yields has pushed US dollar currency trading lower amid slow market movements following the closure of most banks in conjunction with Good Friday celebrations.
The dollar index, which measures the strength of the greenback against a group of major currencies, traded around 92.92.
10-year US bond yields fell about 10 basis points to around 1.67% in today’s Asian session. The benchmark rate hit a 14 -month high of around 1.77% on Tuesday.
The depreciation of the US dollar was also driven by gains in global stocks, particularly the S&P 500 index hitting an all -time high after crossing the 4,000 level for the first time in the previous New York session.
The rise comes after Biden introduced an infrastructure plan worth more than $ 2 trillion, which is seen to drive a stronger -than -expected U.S. economic recovery.
Meanwhile, in the previous New York session investors were shown with US manufacturing PMI data the ISM survey soared to its highest level in 37 years with an increase of 64.7 in March from 60.8.
However, the US dollar failed to react to this encouraging reading, instead it was welcomed by the US stock market.
The market focus is now focused on the publication of NFP employment data which will be published tonight.
