Forex – Dollar Broadly Lower as Global Sell-Off Gathers Pace

© Reuters. Dollar broadly lower global sell-off gathers pace – The dollar slid lower against a currency basket on Thursday as a global sell-off in equities and bonds gathered momentum, spurred by worries over the impact of rising interest rates.

The , which measures the greenback’s strength against a basket of six major currencies, was down 0.16% to 95.07 by 03:53 AM ET (07:53 AM GMT), after falling as low as 94.88 overnight.

Stock markets across following and the largest decline for in more than eight months on Wednesday as rising U.S. Treasury yields spurred a flight from risky assets.

10-year Treasury yields hit the highest level in seven-and-a-half year highs earlier this week amid expectations for a faster than expected pace of rate hikes from the Federal Reserve as the outlook for the U.S. economy remains strong.

The sharp falls on Wall Street prompted U.S. President Donald Trump to once again criticize the U.S. central bank on Wednesday, for its plans to continue gradual rate hikes in the coming months.

The yield on firmed on Thursday amid increased aversion.

The dollar steadied against the safe haven yen, with last at 112.28, recovering after slumping to a three-week low of 111.98 overnight.

The yen has been boosted this week after the International Monetary Fund cut its global growth forecast, warning that trade conflicts are starting to have a serious impact on the global economy.

The euro pushed higher against the dollar, with rising 0.24% to 1.1549.

The euro’s gains were held in check amid an and Brussels over the country’s budget plans.

The pound was little changed for the day, with at 1.3188 as speculation continued over whether before its exit from the European Union.

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