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NEW YORK (Reuters) - The U.S. dollar fell to a two-week low against a basket of currencies on Tuesday, as traders booked profits after a strong March and as a fall in Treasury yields from recent peaks put pressure on the U.S. currency.
The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.239% lower at 92.341, its lowest since March 23.
The dollar has risen this year, along with Treasury yields, as investors bet the United States would recover more quickly from the coronavirus pandemic than other developed nations, amid massive stimulus and aggressive vaccinations.
Funds packed on more corn but shed soy length ahead of USDA data
Chicago corn futures fell ahead of last week’s much anticipated U.S. government reports, but heavily bullish speculators stayed the course, extending their long position on the yellow grain.
In the week ended March 30, money managers increased their net long in CBOT corn futures and options to 395,584 contracts from 388,175 a week earlier, according to data from the U.S. Commodity Futures Trading Commission.
That is funds’ most optimistic corn stance since Feb. 1, 2011, and the move was largely due to the addition of outright longs. But commodity funds were pegged to have sold 49,000 futures contracts during the week due to the unpredictable nature of Wednesday’s USDA reports.
By Pete Papaherakles
On December 19, UBS, a Swiss bank, agreed to pay an unprecedented $1.5B to United States, British and Swiss authorities as punishment for manipulating the London banking loan rate known as LIBOR, dwarfing the $450M fine paid by Barclays Bank in July. UBS became the second bank to settle criminal charges with one of the biggest fines in history.
LIBOR, which stands for the London Inter-Bank Offered Rate, is the rate at which the major banks of London are able to borrow money from one another. LIBOR is supposed to be an overall assessment of the health of the financial system. If the banks feel confident about the state of things, they offer a low interest rate. But if the member banks feel a low degree of confidence in the financial system, they report a higher rate. Member banks submit the rates at which they borrow to a regulating agency which then lops off the top 25% and the bottom 25% on the list and publishes the average of the remaining rates.
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NEW YORK (Reuters) - The U.S. dollar slipped to a two-week low against a basket of currencies on Tuesday, as traders booked profits after a strong March and as a fall in Treasury yields from recent peaks put pressure on the U.S. currency.
The U.S. Dollar Currency Index, which measures the greenback against a basket of six currencies, was 0.146% lower at 92.427, its lowest since March 24.
The dollar has risen this year, along with Treasury yields, as investors bet the United States would recover more quickly from the pandemic than other developed nations, amid massive stimulus and aggressive vaccinations. At 2.5%, the gain in March was the dollar s biggest monthly increase since the end of 2016.