US Dollar Rebounds as Yen Struggles Amid Elevated Oil Prices
The Japanese Yen is underperforming across the board, weighed down by elevated oil prices and relatively low interest rates.
Meanwhile, the US Dollar has staged a modest recovery, rebounding from its three-month low after Treasury yields bounced back up six basis points on Thursday.
The US Treasury Department's announcement of increased liquidity-support buybacks for longer-dated government securities triggered the previous day's sharp pullback in yields. The Greenback is currently trading around 98.90, bouncing from an intraday low of 98.56.
Weekly US labour-market data provided some support to the Dollar, with Initial Jobless Claims falling to 206K in the week ending August 15, below expectations of 210K and the upwardly revised previous reading of 212K.