The US dollar slipped to a two-week low against major currencies on Tuesday as currency traders began to take profits and a recent decline in treasury yields.
The US dollar index, which measures the greenback against other currencies, fell 0.146% to 92.437 as of 11.05 p.m. The dollar has strengthened significantly this year accompanied by an increase in treasury yields as investors expect the United States to recover faster from the pandemic than other developed countries. Plus the stimulus from the government further helped the outlook for the US dollar.
In March the US dollar was up 2.5% which is the biggest monthly increase since the end of 2016. According to analyst John Doyle, investors took the opportunity to take profits in the most recent quarter. He added that treasury revenues have played a role in helping the US dollar.
U.S. Treasury Revenue fell on Tuesday, while U.S. stocks. rise to a new high. On the other hand, the IMF boosted the outlook for global economic growth once again on Tuesday, predicting worldwide output to rise 6% this year, reflecting the outlook for the U.S. economy. which is getting brighter.
On the other hand, the GBP sterling declined after soaring to a high of more than 2 weeks. As for the crypto market, Ethereum continued to perform well by rising to the price level of $ 2,151.63 on Tuesday.
