U.S. Dollar Lower on Confidence Data

The dollar fell against a basket of major currencies on Tuesday after soft U.S. consumer confidence data drove bond yields lower, weakening demand for the U.S. currency.

The Conference Board’s index of consumer attitudes fell to 78.1 in February from a downwardly revised 79.4 in January, where economists in a Reuters poll had expected 80.0.

The yield on the benchmark 10-year U.S. Treasury note fell to a session low of 2.7 percent after the data, indicating higher bids for the safe-haven bond in response to the weak data and pressuring the dollar.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.