EUR/USD Has Been Extending Its Gains Amid Dovish Fed Policy And The Eurozone s Vaccination Drive benzinga.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from benzinga.com Daily Mail and Mail on Sunday newspapers.
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By Reuters Staff
1 Min Read
People wait in line to order at a coffee shop as the state of Texas lifts its mask mandate and allows businesses to reopen at full capacity during the coronavirus disease (COVID-19) pandemic in Houston, Texas, U.S., March 10, 2021. REUTERS/Callaghan O Hare
(Reuters) - U.S. consumer sentiment unexpectedly dropped in early May as inflation worries sapped confidence in what had been a rapidly brightening economic outlook, a key survey showed on Friday.
The University of Michigan’s Consumer Sentiment Index fell 5.5 points to a reading of 82.8, pulling back from the highest level in roughly a year in April. Economists polled by Reuters had been looking for a reading of 90.4, which would have marked the third straight monthly gain.
AUD/USD remains on track to finish the day in the positive territory. US Dollar Index stays deep in the red below 90.50. AUD/USD looks to register losses
5/13/2021 2:39:58 PM GMT | By Eren Sengezer
USD/CHF looks to snap a two-day winning streak.
US Dollar Index falls into the negative territory in the American session.
10-year US T-bond yield is down nearly 2% on Thursday.
The USD/CHF pair closed the previous two trading days in the positive territory but lost its traction after failing to break above 0.9100. As of writing, the pair was down 0.35% on a daily basis at 0.9058.
Falling US T-bond yields weigh on USD
On Wednesday, the broad-based USD strength on the back of strong inflation data allowed USD/CHF to push higher. Additionally, rising US Treasury bond yields provided an additional boost to the pair. On Thursday, the benchmark 10-year US T-bond yield is down nearly 2% on the day, forcing USD/CHF to push lower. In the meantime, the US Dollar Index is posting modest daily losses at 90.67.