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US Dollar on defensive after pullback from nearly 3-month peak
The dollar remained under pressure on Wednesday after retreating from a nearly three-month high against the euro in the previous session with a decline in U.S. bond yields adding to the drag. Analysts pointed to technical factors for the dollar's pullback, following a two-day rally of as much as 1.4 per cent against the euro after unexpectedly strong U.S. jobs data and more hawkish rhetoric from Federal Reserve Chair Jerome Powell scuppered bets for an early interest rate cut. U.S. Treasury yields also turned down from highs overnight on solid demand at a sale of new three-year notes, removing some support for the ... (full story)