FOREX-Dollar dips before inflation data, Treasury supply


    * Graphic: World FX rates tmsnrt.rs/2RBWI5E

 (Adds quote, context, updates prices; changes dateline,
previous LONDON, byline)
    By Karen Brettell
    NEW YORK, April 12 (Reuters) - The dollar dipped slightly on
Monday as traders awaited highly anticipated U.S. inflation and
retail sales data in coming days, and as Treasury yields held
below recent highs before new supply.
    The dollar's performance has been tied to U.S. Treasury
yields for most of 2021, after concern about rising inflation in
the United States and a stimulus-fuelled economic rebound
triggered a jump in Treasury yields.
    A fall in U.S. yields last week triggered the worst week for
the dollar in 2021. Yields edged higher on Monday before the
Treasury will sell $120 billion in new coupon-bearing supply
this week, though they are holding below one-year highs reached
last month.
    U.S. consumer price data for March due on Tuesday is the
next major economic focus. Investors are betting that price
pressures will increase due to increased fiscal and monetary
stimulus and as businesses reopen from COVID-19 related
closures.
    Comparisons with last year are also likely to be strong, due
to a drop in inflation a year ago when businesses closed due to
COVID-19.
    "With U.S. data expected to come in strong this week, we
believe the dollar’s rise can continue," analysts at Brown
Brothers Harriman said in a report on Monday.
    Retail sales data for March is also due on Thursday.
    The dollar index was last down 0.11% against a basket
of currencies at 92.108. It is holding above a three-week low of
91.995 reached on Thursday.
    The euro gained 0.06% to $1.1908.
    Federal Reserve Chairman Jerome Powell said on Sunday that
the U.S. economy was at "an inflection point" and looked set for
a strong rebound in the coming months, but he also warned of
risks stemming from a hasty reopening.

    Bitcoin traded above $60,000, closing the gap to
its record high.
    Sterling rose 0.26% to $1.3744 as traders cheered
the latest phase of the British government's economic reopening
plan. 
    The dollar fell 0.18% to 109.43 yen versus the
Japanese currency.
    U.S. dollar net short positions have fallen to their lowest
in nearly three years, according to data published on Friday.

    ING analysts noted that speculators had cut their net short
dollar positions for the 12th consecutive week, which could
prove a headwind for further dollar gains.
    "At this stage, the dollar has lost all its positioning
'advantage,' having a neutral speculative positioning, which
suggests we should no longer see dollar rallies against most G10
currencies exacerbated by the unwinding of USD shorts," they
wrote.
    
    ========================================================
    Currency bid prices at 10:08AM (1408 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct       High Bid    Low Bid
                                              Previous                   Change                   
                                              Session                                             
 Dollar index                 92.1080        92.2180     -0.11%         2.364%        +92.3310    +92.0070
 Euro/Dollar                  $1.1908        $1.1901     +0.06%         -2.54%        +$1.1919    +$1.1872
 Dollar/Yen                   109.4250       109.6300    -0.18%         +5.94%        +109.7650   +109.2500
 Euro/Yen                     130.29         130.47      -0.14%         +2.66%        +130.6100   +129.9000
 Dollar/Swiss                 0.9229         0.9246      -0.17%         +4.33%        +0.9268     +0.9228
 Sterling/Dollar              $1.3744        $1.3706     +0.29%         +0.61%        +$1.3776    +$1.3670
 Dollar/Canadian              1.2554         1.2525      +0.26%         -1.39%        +1.2567     +1.2528
 Aussie/Dollar                $0.7620        $0.7618     +0.03%         -0.94%        +$0.7635    +$0.7596
 Euro/Swiss                   1.0990         1.1000      -0.09%         +1.69%        +1.1015     +1.0983
 Euro/Sterling                0.8662         0.8679      -0.20%         -3.08%        +0.8695     +0.8641
 NZ                           $0.7030        $0.7030     +0.01%         -2.09%        +$0.7049    +$0.7014
 Dollar/Dollar                                                                                    
 Dollar/Norway                8.4780         8.4980      -0.17%         -1.21%        +8.5295     +8.4735
 Euro/Norway                  10.0955        10.1120     -0.16%         -3.55%        +10.1310    +10.0910
 Dollar/Sweden                8.5658         8.5376      +0.41%         +4.50%        +8.5730     +8.5363
 Euro/Sweden                  10.1994        10.1582     +0.41%         +1.22%        +10.2065    +10.1630
 
    
 (Reporting by Karen Brettell in New York; additional reporting
by Tommy Wilkes in London; editing by Jonathan Oatis)
  

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