Dollar Near 11 Week Low – 11 June, 2019

Expectations that the U.S. Federal Reserve will cut interest rates in the near future caused the dollar to skim just above an 11 week low hit on March 25. Against a basket of major currencies, the dollar index last traded 96.698, barely higher than the low it hit on Monday of 96.459. U.S. Treasury Yields fell to an almost two year low on Friday on U.S. job reports, putting extra pressure on the index. The euro traded just below a three week high of $1.1348 hit on Friday, closing its last session at $1.1328. Against the yen, the dollar was at 108.495 yen, dogging its way out of the five month low it hit against the Japanese currency of 107.810 yen last week. The offshore yuan managed to bounce back from the seven month low earlier this week to trade at 6.9259 per dollar. The yuan has seen a lot of change this year due to the ongoing trade conflicts between the U.S. and China.