FOREX-Dollar slips, along with yields on U.S. treasuries; lira tanks

    * Dollar slips from four-month high, following U.S. Treasury
    * Sterling falls against euro, USD

 (Adds analyst comment, new throughout)
    By Jessica DiNapoli and Saikat Chatterjee
    NEW YORK, March 22 (Reuters) - The U.S. dollar slipped from
four-month highs against a basket of currencies on Monday,
following a small dip in U.S. Treasury yields, as investors
wagered that the U.S. economy would recover and inflation would
    The dollar index fell about 0.25% at 91.86, following
last week's gain of 0.5%.
    Over the weekend, Turkish President Tayyip Erdogan's shock
replacement of a hawkish central bank governor with a critic of
high interest rates dragged the lira down as much as 15%
 to 8.485 against the dollar.
    The yield on U.S. Treasuries fell on Monday and was last
down at 1.6981% but remained near one-year highs as investors
bet on an economic recovery. Yields had
risen after the Fed last week said the U.S. economy was on track
for strong growth.
    "The bond market sell-off has somewhat eased," said Edward
Moya, senior market analyst at OANDA in New York. "It should
provide a little bit of calm amid the dollar and its major
    He added that the moves in Turkey will be isolated and in
the near term would put a "little bit of fear in the emerging
markets trade." 
    Turkey's shock decision to replace its hawkish central bank
governor also supported the dollar's safe-haven appeal. 
    Markets have been slow to catch on to the rising dollar
theme in recent weeks as investors had bet that a global
economic recovery would prompt buying of riskier currencies. 
    But rising U.S. Treasury yields and the prospect
of more lockdowns in several euro zone countries has driven a
widespread unwinding of short dollar bets.
    As a result, traders cut their long euro bets to the lowest
levels since June 2020 while net positions against the Japanese
yen flipped into positive territory for the first time in more
than a year, latest positioning data showed.
    Worries that Turkish market upheaval would spill into others
also supported the dollar, especially against currencies like
the Australian dollar and Norway's crown.
    The Turkish lira stood at 7.875 per dollar, down
more than 10% from its Friday close. 
    The pound slipped against the dollar as investors focused on
broader currency market drivers and the European Union's threat
to impose a ban on vaccine imports to Britain.
Currency bid prices at 10:16AM (1416 GMT)
 Description      RIC         Last           U.S. Close  Pct Change     YTD Pct       High Bid    Low Bid
                                              Previous                   Change                   
 Dollar index                 91.9000        92.0920     -0.20%         2.133%        +92.1550    +91.7450
 Euro/Dollar                  $1.1915        $1.1906     +0.08%         -2.48%        +$1.1932    +$1.1870
 Dollar/Yen                   108.7900       108.8650    -0.08%         +5.31%        +108.9500   +108.6500
 Euro/Yen                     129.62         129.58      +0.03%         +2.13%        +129.8300   +129.0500
 Dollar/Swiss                 0.9253         0.9290      -0.40%         +4.58%        +0.9311     +0.9241
 Sterling/Dollar              $1.3824        $1.3859     -0.21%         +1.23%        +$1.3876    +$1.3819
 Dollar/Canadian              1.2521         1.2500      +0.18%         -1.66%        +1.2534     +1.2474
 Aussie/Dollar                $0.7736        $0.7745     -0.02%         +0.66%        +$0.7747    +$0.7689
 Euro/Swiss                   1.1023         1.1059      -0.33%         +2.00%        +1.1063     +1.1023
 Euro/Sterling                0.8617         0.8584      +0.38%         -3.58%        +0.8627     +0.8576
 NZ                           $0.7165        $0.7168     -0.03%         -0.21%        +$0.7182    +$0.7136
 Dollar/Norway                8.5135         8.5175      -0.09%         -0.90%        +8.5880     +8.5050
 Euro/Norway                  10.1482        10.1538     -0.06%         -3.05%        +10.2085    +10.1200
 Dollar/Sweden                8.5309         8.5386      +0.01%         +4.08%        +8.5780     +8.5041
 Euro/Sweden                  10.1661        10.1655     +0.01%         +0.89%        +10.1905    +10.1459

 (Reporting by Jessica DiNapoli and Saikat Chatterjee; Editing
by Philippa Fletcher, Alexander Smith and Dan Grebler)

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