The US dollar is on a free fall since early trades on Monday, 26 July 2021, ahead of this weeks important policy meeting by the US Federal Reserve. The Federal Reserve policy-making committee will wrap up two-day meeting on July 28, with investors looking for clues on the timing of tapering the monetary stimulus. The dollar index, the measured the greenback against a basket of six currencies traded lower at 92.72, just below the 3 1/2-month high of 93.194 seen last week. USD/JPY fell to 110.29, GBP/USD edged lower to 1.3782, EUR/USD gained to 1.1790, while the risk-sensitive AUD/USD fell to 0.7354.
US Treasury yields fell sharply on Monday amid a sell-off in world stock markets, fuelled by losses in Chinese shares. Additionally, investors continued to monitor the COVID situation in Asia, particularly its potential influence on the pace of the economic recovery. The US. 10-year Treasury yield was last down at 1.24%, inching towards more than five-month lows hit last week at around 1.13%.
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