FOREX-Dollar claws back some losses as U.S. yields stabilise


    * Commodity currencies pare big advances from overnight
    * Bitcoin retreats after earlier topping $55,000
    * Graphic: World FX rates tmsnrt.rs/2RBWI5E

    TOKYO, March 10 (Reuters) - The U.S. dollar rose on
Wednesday, clawing back some of the losses sustained overnight,
as U.S. yields found a floor following their drop from one-year
highs.
    Riskier currencies including the Australian and New Zealand
dollars retreated following big gains on Tuesday. Bitcoin
 turned lower after earlier topping $55,000 for the
first time since Feb. 22.
    The safe-haven dollar has closely tracked a surge in
Treasury yields in recent weeks, both because higher yields
increase the currency's appeal and as the bond rout shook
investor confidence, spurring demand for the safest assets.
    The benchmark 10-year Treasury yield stabilised
around 1.54% on Wednesday in Asia after a three-day drop from a
one-year high of 1.6250%.
    The dollar index strengthened about 0.2% to 92.137 in
Asia on Wednesday, after falling back sharply from a 3-1/2-month
high of 92.506 overnight. 
    Bond investors have been selling on bets that a
faster-than-expected economic rebound would spark a surge in
inflation, with President Joe Biden expected to sign a $1.9
trillion coronavirus aid package as soon as this week.

    Many analysts still expect the dollar to weaken over the
course of this year, but the speed of recent gains has forced
some to adjust their views.
    Westpac, which as recently as last week was talking about
selling the dollar index into 91, now sees it reaching as high
as 94.50 before resuming last year's downtrend as the rest of
the world closes the gap with the U.S.'s pandemic recovery.
    "Global reflation is alive and well, and Europe will get her
vaccination act together at some point too," Westpac strategists
wrote in a note Wednesday.
    "A continuation of the global recovery ... should see
commodity currencies outperform."
    The Aussie dropped 0.4% to $0.7684 after jumping 1%
overnight.
    New Zealand's kiwi slipped 0.4% to $0.7146 following
Tuesday's 0.8% increase.
    The euro was 0.2% lower at $1.18810 after bouncing
off a 3 1/2-month low of $1.18355 on Tuesday.
    Against the yen, another traditional safe haven
currency, the greenback traded 0.3% higher at 108.815, following
its retreat from a nine-month top of 109.235.
    In cryptocurrencies, bitcoin rose as high as
$55,855 on Wednesday before dropping back to $53,995. It reached
a record high of $58,354.14 on Feb. 21.
    
========================================================
    Currency bid prices at 256 GMT
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct     High Bid    Low Bid
                                              Previous                   Change                 
                                              Session                                           
 Euro/Dollar                  $1.1881        $1.1901     -0.16%         -2.75%      +1.1904     +1.1878
 Dollar/Yen                   108.8070       108.5100    +0.28%         +5.35%      +108.8220   +108.5250
 Euro/Yen                     129.28         129.10      +0.14%         +1.86%      +129.3100   +129.0700
 Dollar/Swiss                 0.9301         0.9280      +0.22%         +5.12%      +0.9301     +0.9279
 Sterling/Dollar              1.3861         1.3889      -0.18%         +1.48%      +1.3891     +1.3861
 Dollar/Canadian              1.2663         1.2640      +0.22%         -0.52%      +1.2666     +1.2635
 Aussie/Dollar                0.7681         0.7721      -0.50%         -0.14%      +0.7718     +0.7678
 NZ                           0.7146         0.7176      -0.39%         -0.46%      +0.7181     +0.7147
 Dollar/Dollar All spots
Tokyo spots
Europe spots 
Volatilities 
Tokyo Forex market info from BOJ 

    
 (Reporting by Kevin Buckland; Editing by Lincoiln Feast and
Christopher Cushing)
  

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