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Wednesday, 8 Dec 2010
Forex News: Treasury Yields Bolster USD; EUR Still in Decline
The US dollar rose today as Treasury yields experienced a sharp increase following a proposed tax deal by President Obama which could extend Bush-era tax cuts into 2011. Traders bought-up USD in response as Treasury yields climbed towards 3.25%.
Analysts have stated that the greenback would be bolstered by higher Treasury yields ahead of a 10-year US bond auction later in the day and a 30-year auction on Thursday.
In European news, the EUR experienced moderate downturns as investors continue to express concerns about a broadening debt crisis. The inability of European leaders to restore confidence appears to be dragging on the 16-nation single currency.
