HONG KONG : The dollar and yen were at the low end of their recent ranges in thin holiday trading on Thursday, having fallen overnight as investors favoured riskier currencies along with equities.
"That has encouraged investors out of defensive positioning and back into the global recovery trade." But with many traders away ahead of the year-end, analysts cautioned against reading too much into the moves. Benchmark 10-year yields reached 1.56per cent on Wednesday, the highest since Nov. 29, in U.S. trading after the Treasury sold US$56 billion in seven-year notes to weak demand.The moves in currencies were in keeping with the broader market. In keeping with the risk-on mood, the S&P 500 and the Dow Jones Industrial Average closed at all-time highs on Wednesday, the latter rising for a sixth session. [.