amwalalghad :: forex news

Your English Portal To Arab Economy

GMC GROUP FOR INDUSTRIAL COMME   1.29        Telecom Egypt   11.48        Ismailia Misr Poultry   2.45        El Arabia for Investment & Dev   0.34        Modern Company For Water Proof   1.03        Pioneers Holding   2.84        Ezz Steel   7.86        Egyptian Real Estate Group   6.85        Rakta Paper Manufacturing   4.39        Orascom Telecom Holding (OT)   3.92        Naeem Holding   0.19        Egyptian Iron & Steel   6.87        Universal For Paper and Packag   4.94        Northern Upper Egypt Developme   4.93        Canal Shipping Agencies   7.39        Misr Chemical Industries   5.65        United Arab Shipping   0.43        Egyptians Housing Development    1.94        Egyptian for Tourism Resorts   0.69        Modern Shorouk Printing & Pack   7        Upper Egypt Contracting   0.8        Egyptian Financial Group-Herme   7.42        Orascom Construction Industrie   240.82        Heliopolis Housing   21.65        Raya Holding For Technology An   4.57        United Housing & Development   8.93        International Agricultural Pro   2.1        Gulf Canadian Real Estate Inve   18.08        Alexandria Pharmaceuticals   45.71        Arab Cotton Ginning   2.46        Egyptian Chemical Industries (   7.26        National Real Estate Bank for    11.84        Six of October Development & I   15.03        National Development Bank   6.72        Oriental Weavers   20.66        Arab Gathering Investment   16.29        Egyptians Abroad for Investmen   2.75        Palm Hills Development Company   1.61        Credit Agricole Egypt   9.04        Remco for Touristic Villages C   2.13        Commercial International Bank    29.87        El Ezz Porcelain (Gemma)   1.9        Egyptian Starch & Glucose   5.4        Arab Real Estate Investment (A   0.41        South Valley Cement   3.12        Citadel Capital - Common Share   2.5        Union National Bank - Egypt "    3.25        Ceramic & Porcelain   2.88        Rowad Tourism (Al Rowad)   5.05        El Nasr Transformers (El Maco)   4.78        Egyptian Media Production City   2.31        GB AUTO   27        Egyptian Transport (EGYTRANS)   7.85        Sharkia National Food   3.78        El Kahera Housing   4.97        El Shams Housing & Urbanizatio   2.45        Egyptian Kuwaiti Holding   0.7        ARAB POLVARA SPINNING & WEAVIN   2.11        Cairo Poultry   8.32        Egyptian Financial & Industria   8        T M G Holding   4.03        Asek Company for Mining - Asco   10.66        Misr Hotels   27        Egyptian Electrical Cables   0.56        Medinet Nasr Housing   22.51        Mena Touristic & Real Estate I   1.21        ELSWEDY CABLES   18        Prime Holding   0.91        Al Arafa Investment And Consul   0.17        Alexandria Spinning & Weaving    0.74        Gharbia Islamic Housing Develo   8.41        General Company For Land Recla   16.6        Alexandria Cement   8.9        Arab Valves Company   0.94        Sidi Kerir Petrochemicals   12.4        TransOceans Tours   0.09        Egyptian for Developing Buildi   6.43        Egyptian Gulf Bank   1.24        Kafr El Zayat Pesticides   18.19        Faisal Islamic Bank of Egypt -   35.1        National company for maize pro   11.86        Delta Construction & Rebuildin   4.03        Zahraa Maadi Investment & Deve   48.25        Samad Misr -EGYFERT   3.52        Egypt for Poultry   1.41        Cairo Development and Investme   11.7        Cairo Pharmaceuticals   20.1        Maridive & oil services   0.9        Suez Canal Bank   3.75        Nile Pharmaceuticals   15.81        The Arab Dairy Products Co. AR   73.85        National Housing for Professio   14.39        El Ahli Investment and Develop   4.87        Egyptian Saudi Finance Bank   10.79        Ismailia National Food Industr   5.16        National Societe Generale Bank   25.52        Acrow Misr   19.16        Alexandria Mineral Oils Compan   63.63        Paper Middle East (Simo)   5.59        Egypt Aluminum   12.31        Giza General Contracting   13.12        Middle Egypt Flour Mills   5.82        Extracted Oils   0.6        Assiut Islamic Trading   4.56        Engineering Industries (ICON)   3.95        North Cairo Mills   15.3        Arab Pharmaceuticals   11.88        Grand Capital   5.38        El Ahram Co. For Printing And    10.68        Minapharm Pharmaceuticals   25.49        El Arabia Engineering Industri   13.52        El Nasr For Manufacturing Agri   9.71        Naeem portfolio and fund Manag   1.7        Faisal Islamic Bank of Egypt -   6.76        Natural Gas & Mining Project (   68.26        Housing & Development Bank   13.95        East Delta Flour Mills   31.5        Orascom Development Holding (A   3.22        Memphis Pharmaceuticals   11.12        Abou Kir Fertilizers   134.23        Delta Insurance   5        Cairo Investment & Real Estate   12.18        Cairo Oils & Soap   12.98        Egyptian Arabian (cmar) Securi   0.36        Egyptian Real Estate Group Bea   15.56        Alexandria Containers and good   85.51        Upper Egypt Flour Mills   45.78        Development & Engineering Cons   9.94        Sinai Cement   15.18        Medical Union Pharmaceuticals   28.01        Torah Cement   24.2        Alexandria New Medical Center   46.55        Export Development Bank of Egy   5.04        Egyptian Company for Mobile Se   92.02        Middle & West Delta Flour Mill   32.7        El Kahera El Watania Investmen   4.18        Mansourah Poultry   12.41        Delta Sugar   11.04        Misr Beni Suef Cement   41.21        Egyptian Satellites (NileSat)   6.14        Cairo Educational Services   17.75        Lecico Egypt   7.55        Sharm Dreams Co. for Tourism I   5.3        General Silos & Storage   10.77        Al Moasher for Programming and   0.66        UTOPIA   5.28        Arab Ceramics (Aracemco)   25.4        Barbary Investment Group ( BIG   0.98        

The Watch - forex news

Amwal Al Ghad English - 2018-02-10 07:00:41
Dollar prices rose on Friday, putting it on track for its strongest week against a basket of currencies in nearly 15 months as some traders piled into the greenback in a week of tremendous swings felt in stock and bond markets around the world. The U.S. currency stemmed its protracted decline this week. Some traders have bought it to close out their bets on its weakness, while others favored the dollar in a safe-haven move over higher-returning but riskier currencies, analysts said. "Overall, its just a highly volatile environment where the idiosyncratic things that drive (the market) - fundamentals, economic data are taking second stage. Everything is becoming much more correlated in a very volatile environment," said Boris Schlossberg, managing director of FX strategy at BK Asset Management in New York. The dramatic moves in equities and bonds this week were stoked by concerns about signs of inflation amid an improving global backdrop and speculation whether the Federal Reserve and other major central banks would act quicker to raise interest rates. Equity and bond market volatility has surged this week. While foreign exchange markets have been calmer, the turbulence was enough to upend some popular trades, analysts said. Betting on the dollar weakening against the euro has been one of them, with an expanding euro zone economy stoking expectations the European Central Bank will shrink its balance sheet sooner than expected. The single currency was last down 0.10 percent at $1.2233, marking its steepest weekly decline since November 2016, Reuters data showed. The greenback stabilized versus safe-haven currencies after Thursday's decline. It rebounded from a four-month low to 108.78 yen, up 0.04 percent. It was up 0.44 percent at $0.9399 Swiss franc. Against a basket of six major currencies, the greenback was up 0.17 percent at 90.38. On the week, the dollar index has risen 1.41 percent for its best week in almost 15 months. The dollar's advance was supported by some stabilization in U.S. stock prices, a day after heavy selling sank the Dow and S&P 500 into correction territory. The bond market also calmed from its wild moves earlier this week. Benchmark 10-year Treasury yield was 1 basis point lower on the day at 2.838 percent, which was below a four-year peak of 2.885 percent on Monday. The dollar also received support after Congress and U.S. President Donald Trump approved a federal budget plan that ended an overnight federal shutdown. More»
Amwal Al Ghad English - 2018-02-08 06:20:52
Gold prices held on to losses from the previous session early on Thursday, after the precious metal fell to four-week lows on a firmer dollar amid expectations of more U.S. interest rate hikes. Spot gold was down 0.2 percent at $1,315.22 an ounce, as of 0112 GMT. Prices touched their lowest since Jan. 10 at $1,311.66 on Wednesday. U.S. gold futures were up 0.2 percent at $1,317.40 per ounce. U.S. stocks finished lower on Wednesday, losing ground late in the session as a jump in Treasury yields kept investor nervousness high. Wednesday's lower close in stocks followed another choppy trading session, suggesting that investors are still jittery after the recent steep selloff in equities. Benchmark Treasury yields rose on Wednesday after the weak demand in the U.S. Treasury Department auction of new 10-year notes and the U.S. Senate reached a budget deal, possibly adding to pressure on stocks. The Federal Reserve will stick to its plan for "steady, gradual" interest-rate increases, San Francisco Federal Reserve Bank President John Williams said Wednesday despite market gyrations and strong data on U.S. wage growth that has bond traders pricing in faster rising inflation. However, sluggish price increases in the United States give the Federal Reserve room to hold off on interest rate increases until at least mid-2018, Chicago Federal Reserve President Charles Evans said on Wednesday. The U.S. dollar rose on Wednesday, marking its biggest one-day gain in more than three months against a basket of currencies. It was steady at 90.289 on Thursday. Much of the dollar's advance stemmed from euro's weakness in the wake of reports that the leader of Germany's Social Democrats (SPD), Martin Schulz, would not be taking over as finance minister for Europe's biggest economy. U.S. congressional leaders reached a two-year budget deal to raise government spending by almost $300 billion, a rare display of bipartisanship that is positive for risk sentiment but is also widening the federal deficit sharply. Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.29 percent to 826.90 tonnes on Wednesday from 829.27 tonnes on Tuesday. A class action suit brought against gold producers in South Africa is likely to be settled "within months" with 9 billion rand ($755 million) going to miners suffering from fatal lung disease, the chair of an industry group said on Wednesday. Platinum briefly moved into a price premium over palladium on Wednesday for the first time since October. More»
Amwal Al Ghad English - 2018-02-08 06:08:42
Oil prices on Thursday were close to their lowest levels this year, with soaring U.S. output undermining OPEC's efforts to tighten markets and prop up prices. Brent crude futures were at $65.28 per barrel at 0104 GMT, down 23 cents, or 0.4 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $61.58 a barrel. That was down 21 cents, or 0.3 percent, from their last settlement. The dips follow bigger falls on Wednesday, when crude touched one-month lows and erased most of 2018's early gains. Some support on Thursday came from the second outage in as many months on the 450,000 barrels per day Forties pipeline network, Britain's biggest, which supplies much of the crude underpinning Brent futures. But the biggest market driver was U.S. production. What's long been expected is now official: U.S. crude oil output averaged above 10 million barrels per day (bpd) for the first time since the early 1970s last week, reaching 10.25 million bpd. Until the early 2000s the United States were oil starved, importing a peak of 12 million bpd. But in one of the steepest rises of any oil producer in modern history, U.S.output has surged by more than 20 percent since mid-2016, undermining OPEC's and Russia's efforts to tighten the market and prop up prices by withholding production. In fact, the OPEC-led restraint was arguably the biggest enabler for America's production boom, handing over market share at higher oil prices. At 10.25 million bpd, U.S. output is now higher than the previous 10.044 million bpd record from back in 1970. It's above that of top exporter Saudi Arabia's and within reach of Russia's. Weighing further on prices was that U.S. commercial crude stocks rose by 1.9 million barrels in the week to Feb. 2, to 420.25 million barrels.The official U.S. Energy Information Administration (EIA) this week upped its 2018 output forecast to 10.59 million bpd, up by a whopping 300,000 bpd from their last forecast just a week earlier. "What surprised the most was the large spike in oil production to 10.25 million barrels per day which was significantly higher than 9.92 million from the previous week," said Fawad Razaqzada, market analyst at futures brokerage "Clearly, the data points to an imbalanced market and oil prices have responded by turning sharply lower," he added. More»
Amwal Al Ghad English - 2018-02-08 06:04:59
Dollar prices were off recent lows against major rivals on Thursday, benefiting from the euro's weakness and higher U.S. yields but capped by concerns about recent equity market volatility. Against a basket of six major rival currencies, the dollar was steady on the day at 90.267, probing its highest levels in two weeks. The euro was slightly higher on the day at $1.2268, not far from its overnight low of $1.2246 and a far cry from last month's 3-year high of $1.2538. "The dollar is stronger, across the board, as the euro had recently been too strong, with too many expectations about early policy normalization of the European Central Bank, and investors are now unwinding those positions," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. "The dollar/yen seems to be capped by uncertainty in the equity markets,which will likely keep it in a range," Yamamoto added. "But maybe the equity market downturn won't last for long, because the world economy is solid." The dollar was steady on the day against its Japanese counterpart at 109.32 yen. Higher U.S. yields also underpinned the greenback. The yield on benchmark 10-year Treasury notes stood at 2.811 percent in Asian trade, compared with its U.S. close of 2.843 percent on Wednesday. The benchmark yield rose as high as 2.885 percent on Monday, its highest since January 2014, after stronger inflation data led investors to fear that the Federal Reserve may raise rates more often than previously expected. San Francisco Federal Reserve Bank President John Williams sought to assuage some of those fears on Wednesday. He said at an event in Honolulu that the U.S. central bank will stick to its plan for "steady, gradual" interest rate increases even though recent U.S. economic data has been stronger than some have expected and the labor market has tightened. Also weighing on U.S. debt, U.S. congressional leaders on Wednesday reached a two-year budget deal to raise government spending by almost $300 billion. The New Zealand dollar, meanwhile, skidded to four-week lows after the Reserve Bank of New Zealand kept interest rates steady at a record low on Thursday. It said volatility in equity markets this week was a warning that global markets were nervous about the risk of higher inflation and rising interest rates. The kiwi currency was down 0.4 percent at $0.7216 after falling as low as $0.7201 earlier, its lowest since January 11. More»
Amwal Al Ghad English - 2018-02-07 06:29:06
Gold prices edged up on Wednesday as investors resorted to bargain hunting after the yellow metal's sharp decline of over 1 percent to its lowest in more than three weeks in the previous session. Spot gold was up 0.2 percent at $1,327.97 an ounce, as of 0106 GMT. Prices touched their lowest since Jan. 11 at $1,319.96 on Tuesday. U.S. gold futures were up 0.1 percent at $1,330.70 per ounce. Asian share markets were trying to find their footing on Wednesday as a semblance of calm returned to Wall Street where major indices bounced into the black after days of deep losses. Stock markets were routed around the globe as resurgent U.S. inflation raised the possibility that the U.S. Federal reserve would tighten policy more aggressively than previously expected. The original trigger for the U.S. stock market sell-off was a sharp rise in U.S. bond yields late last week, after data showed U.S. wages increasing at the fastest pace since 2009. That raised the alarm about higher inflation and, with it, potentially higher interest rates. Monday's rout on Wall Street frayed investors' nerves, but it is not enough to knock the Federal Reserve off course from its intended path to further raise interest rates in 2018 as the economy continues to hum along, analysts say.Barrick Gold expects to record a pre-tax charge of around $429 million at its stalled Pascua-Lama project in South America in the fourth quarter due to reclassifying its gold reserves. SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 1.44 percent to 829.27 tonnes on Tuesday from 841.35 tonnes on Monday. U.S. exported about $21 billion worth of non-monetary gold last year, up 4.4 percent from 2016 when it totaled $20.1 billion, federal data showed on Tuesday. More»
Amwal Al Ghad English - 2018-02-07 06:04:18
Oil prices rose on Wednesday amid a recovery in global stock markets, supported by a report that U.S. crude inventories fell last week. Brent crude futures were at $67.29 per barrel at 0135 GMT, up 43 cents, or 0.6 percent, from the previous close. U.S. West Texas Intermediate (WTI) crude futures were at $63.89 a barrel. That was up 50 cents, or 0.8 percent, from their last settlement. The higher oil futures came after stock markets recovered some of their steep losses of previous days. The market was supported by a report by the American Petroleum Institute (API) saying that U.S. crude inventories fell by 1.1 million barrels in the week to February 2 to 418.4 million barrels, traders said. A group of oil producers around OPEC and Russia have been withholding supplies since last year in order to tighten supplies and prop up prices. The cuts are set to last through 2018. "Evidence points to a global inventory market that has arguably already balanced - with days of forward cover in the low single digits or possibly even lower - which should support the spot price going forward," said Richard Robinson, manager of the Ashburton Global Energy fund. Other analysts, however, warned of the risk of lower oil prices. In the short-term, there is an expected demand slowdown due to refery maintenances at the end of the northern hemisphere winter season. "The combination of rising risk-aversion and fading short-term fundamental support continues to put downward pressure on oil," said Ole Hansen, head of commodity strategy at Saxo Bank. Looming over oil markets is rising U.S. crude production, which has already soared by 18 percent to almost 10 million barrels per day (bpd), and which the U.S. Energy Information Administration (EIA) expects to rise to an average of 10.59 million bpd in 2018. By 2019, the EIA says U.S. crude production will rise to 11.18 million bpd. That would be more than top producer Russia, which pumped on average 10.98 million bpd out of the ground in 2017. More»
Amwal Al Ghad English - 2018-02-07 06:00:23
Dollar prices steadied against a basket of currencies on Wednesday as calm returned to global financial markets with investors partially reversing their rush to safe haven assets and moving back into stocks. The greenback had risen against currencies like the euro as investors sought shelter amid the rout in global equities seen at the start of the week, which was triggered by a massive decline in Wall Street shares. The dollar index against a basket of six major currencies was mostly flat at 89.608, nudging away from a two-week peak of 90.034 set overnight. The euro inched up 0.05 percent to $1.2384 after slipping to a two-week low of $1.2314 the previous day. "How the dollar will fare with the recent tumult in stocks showing signs of settling down depends on which currency you are looking at," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo. "Against the yen, the dollar stands to benefit as relief seen in Wall Street spills over into Asian equities. Against the euro, however, the dollar is likely to be capped, with U.S.-German yield differentials and monetary policy thoughts to dictate direction." The dollar was 0.2 percent lower at 109.310 yen after rising 0.5 percent overnight. It was still comfortably above the low of 108.460 reached the previous day during wild swings in global equities. Against the yen, a perennial haven in times of risk aversion, the dollar had been put on the defensive when equities slid at the start of the week. Wall Street shares bounced about 2 percent on Tuesday after suffering the biggest one-day sell off in more than six years. Focus remains on U.S. stocks, which were the source of the latest turbulence in global markets and currencies. The recent surge in long-term U.S. bond yields to four-year highs had helped trigger the slide in the equity market, and while yields have pulled back from those peaks, they still remain elevated. "The 10-year Treasury yield has nudged back ahead of today's auction. Depending on how the auction goes, U.S. equities could face renewed pressure," said Makoto Noji, senior strategist at SMBC Nikko Securities. Following soft demand for a $26 billion three-year sale on Tuesday, the U.S. Treasury will auction $24 billion of 10-year government bonds later on Wednesday. "Global stocks are expected to remain on a nervous footing going forward," Noji said. The Australian dollar was 0.2 percent lower at $0.7889 but still some distance away from a one-month low of $0.7835 plumbed on Tuesday. The pound nudged up 0.05 percent to $1.3961 after touching a low of $1.3838 overnight, its weakest since Jan. 19. The Swiss franc, a perceived safe haven along with the yen, was steady at 0.9355 franc per dollar after losing 0.45 percent overnight. More»
Amwal Al Ghad English - 2018-02-06 06:48:17
Gold prices rose on Tuesday as a rout in global equities prompted investors to seek shelter in safe havens such as gold, although expectations of more U.S. rate hikes this year weighed on the market. Spot gold was up 0.4 percent to $1,345.12 per ounce at 0423 GMT following Monday's 0.5 percent gain. Prices fell 1.2 percent on Friday, the most since December 7, 2017, after stronger-than-expected U.S. payrolls data shored up expectations that a pick-up in inflation will spur further rate hikes this year, boosting the dollar, in which it is priced. U.S. gold futures for April delivery rose 0.9 percent to $1,348.00 per ounce on Tuesday. ANZ analyst Daniel Hynes said he suspected an even bigger rally in prices considering the correction in the equity markets. "The rate hikes have already been priced in by the market...but it's certainly got the ability to temper the upside in gold prices," Hynes said. Asian shares fell sharply after Wall Street suffered its biggest decline since 2011 on Monday as investors' faith in factors underpinning a bull run in markets began to crumble. Gold is seen as a safe-haven investment due to its ability to retain value even at times of financial or political uncertainty. It is also used as a hedge against inflation. Last week, the U.S. Federal Reserve kept interest rates unchanged but said inflation likely would rise this year and hinted at "further gradual" rate increases. The yellow metal is highly sensitive to rising U.S. interest rates, as these increase the opportunity cost of holding non-yielding bullion, while boosting the greenback. Spot gold may retest a resistance at $1,354 as it seems to have stabilized around a support at $1,326 per ounce, according to Reuters technical analyst Wang Tao. Spot silver rose 1.1 percent to $16.92 per ounce. It fell 3.7 percent on Friday in its biggest one-day decline since December 2016. Platinum gained 0.4 percent to $993.40 per ounce, while Palladium was down 1.8 percent to $1,012.00 per ounce after touching its lowest since Dec. 14, 2017. "The PGMs (platinum group metals) are certainly going to benefit from the better economic backdrop we're now seeing in 2018. In fact, I think the rest of the complex will certainly outperform gold in the medium term," Hynes said. Palladium rose to an all-time high of $1,138 on Jan. 15 on higher automotive demand and supply shortage. More»
Amwal Al Ghad English - 2018-02-06 06:45:04
Oil prices dropped by more than 1 percent on Tuesday, extending falls from the previous session as global financial markets tumbled lower in the wake of one of the biggest intra-day falls ever registered on Wall Street. Brent crude futures were at $66.91 per barrel at 0530 GMT, down 71 cents, or 1.1 percent, from the previous close. That was more than $4 below their high-point for 2018, hit last month. U.S. West Texas Intermediate (WTI) crude futures were at $63.46 a barrel, down 69 cents, or 1.1 percent, from their last settlement and more than $3 off their 2018 high. "The fall (in crude futures) is mainly attributable to a global sell off in equities," said Sukrit Vijayakar, director at consultancy Trifecta Energy. "People ran to the U.S. dollar as a safe haven currency. Therefore the dollar strengthens. This makes commodities more expensive to buy, hence oil futures get sold off," he added. Financial markets went into a tailspin on Monday after a sharp rise in U.S. bond yields that raised alarms over rising inflation and potentially higher interest rates. The Dow Jones Industrial Average's 4.6 percent loss on Monday was its largest in percentage terms since August 2011, and the day's 1,175 point loss was its biggest ever in absolute terms. The index was briefly down more than 6 percent. U.S. S&P 500 futures tumbled 3 percent in Asian trade on Tuesday, extending Monday's sell-off. "Suddenly, inflation has become one of the most-talked about issues in markets," U.S. bank J.P. Morgan said in a note to clients.The correction in oil is also being driven by fundamentals, traders said. Despite the Organisation of the Petroleum Exporting Countries (OPEC) and Russia cutting production in order to tighten the market, crude remains in ample supply. That is largely due to soaring U.S. shale oil production, which has jumped by almost 18 percent since mid-2016 to 10 million barrels per day (bpd), surpassing top exporter Saudi Arabia. Only Russia produces more, averaging 10.98 million bpd in 2017. And U.S. oil output will likely rise further. The amount of rigs drilling for oil rose to 765 by late January, more than double the 316 that were in operation during 2016's production lull. There is also a seasonal downturn to demand, as many refineries shut for maintenance at the end to the peak-consumption winter season in the northern hemisphere. The largest U.S. refinery, Motiva Enterprises' 603,000-bpd Port Arthur facility in Texas, began a planned one-month overhaul on Monday. Despite this, overall oil demand remains healthy, with U.S. bank Goldman Sachs estimating 2018 growth of 1.8 million bpd, with 40 percent of this coming from China and India alone. More»
Amwal Al Ghad English - 2018-02-06 06:34:54
The dollar stood tall on Tuesday as a rout in global equities prompted anxious investors to cut exposure to riskier assets and seek shelter in the relative safety of the greenback. The U.S. currency held firm against most of its counterparts with the exception of the yen, which is the perennial safe-haven bet during times of risk aversion. Against the yen, the greenback fell 0.3 percent to 108.73 yen, coming under pressure as the U.S. 10-year Treasury yield slid about 11 basis points to 2.685 percent in Asian trade. Investor risk aversion triggered a drop in U.S. bond yields, leading to the fall in the dollar against the yen, said Sim Moh Siong, FX strategist for Bank of Singapore. "I would see 107 to 108 as the next support for dollar/yen," Sim said, adding that if the selloff picks up further steam the dollar could fall towards 104 yen. The euro was steady at $1.2370 after shedding 0.7 percent overnight to pull further away from a three-year high of $1.2538 set late in January. The dollar index against a basket of six major currencies stood at 89.610. Since Friday, when the selloff in equities began in earnest, the index has gained about 1.1 percent. Emerging Asian currencies retreated, with the Malaysian ringgit and Indonesian rupiah both slipping around 0.4 percent against the dollar. The U.S. currency was on the back foot as recently as late January, when the dollar index fell to a three-year trough of 88.438, hurt by a range of factors including concerns about U.S. trade protectionism and perceptions of narrowing yield advantage.It caught a break, however, lifted by Friday's robust U.S. employment report and the punishing sell-off in the recently bullish global equity markets. "We are seeing a big rewinding of positions that had been built up since the start of the year, such as euro longs," said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo. "The stock market plunge caused by the jump in yields has been the trigger. Investors hurting from the drop in equities are seen trying to limit their losses by selling recently bullish currencies like the euro, which in turn supports the dollar." The dollar also tends to benefit from its perceived safe-haven status at times of market ructions. The shakeout persisted in Tuesday's Asian trade, with U.S. S&P futures tumbling 2.5 percent to 4-month lows at one point, while markets in Asia took another battering. That came after the Dow, which rose to a record high late in January, fell 2.5 percent on Friday and plunged 4.6 percent on Monday. The sharp pullback comes amid concerns about higher inflation, sending U.S. 10-year bond yields surging to a four-year top on Monday. Friday's U.S. jobs report was the latest jolt to financial markets, as strong wages growth reinforced the inflation and monetary tightening speculation, with traders betting the Federal Reserve might raise rates at a faster pace than expected this year. The pound touched a two-week low of $1.3937 on Tuesday after dropping more than 1 percent overnight. Sterling, which hit a 1-1/2-year high of $1.4346 late last month, was fetching $1.3957. The Australian dollar touched a three-week low of $0.7855 and was last down 0.1 percent at $0.7870. The Aussie had advanced to over a 2-1/2-year top at $0.8136 on January 26. More»