Safe-haven dollar slides as bank fears ease; yen surges
The yen, despite traditionally also being a safe haven, rebounded strongly from overnight losses, with analysts pointing to flows related to the end of the country's fiscal year on Friday.
The greenback plunged as low as 130.505 yen at one point, and was last off 0.71% at 130.64, undoing the previous session's 0.64% jump, when it tracked a 15-basis point surge in long-term Treasury yields , the biggest in six months. The 10-year yield was little changed in Tokyo trading on Tuesday at around 3.51%.
"If that's it, it's pretty much a one-off, and then we'll get back to basics, which is essentially following yields." "There is a big cloud - I won't say dark cloud, but definitely a cloud - and I think people are at least positioning for what they need to do if this thing moves in the wrong direction," he said.
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