US recap: EUR/USD down as dollar shines
Oct 23 (Reuters) -The dollar index rallied on Wednesday for the 16th time in the last 18 sessions, helped by a rise in Treasury yields and an increase in equity market volatility.
The U.S. 10-year note yield hit a 3-month high before paring gains after the Fed Beige Book showed U.S. economic activity was little changed from September through early October. In U.S. data, existing home sales dropped to a 14-year low in September.
The euro was lower after European Central Bank President Christine Lagarde said the central bank will need to be cautious when deciding on further interest rate reductions and take its cue from incoming data.
ECB's chief economist Philip Lane said he still expected a recovery in the euro zone's economy even though "recent data raised some questions" about it.
The pound remained lower after Bank of England Governor Andrew Bailey said that Britain's inflation rate, which fell below target in September, has been pushed around by energy price related factors, and service price inflation still has to fall further nS8N3LF0KD.
The yen remained lower after Bank of Japan Governor Ueda said it is still taking time to get a 2% sustainable inflation rate and that, when there is huge uncertainty, it is best to proceed gradually and cautiously. He also noted that low rates could cause a build up in speculative positions.
The loonie fell after the Bank of Canada lowered its key benchmark rate by 50 basis points to 3.75%, its first bigger-than-usual move in more than four years.
Finance chiefs from the leading developed and emerging economies see "good prospects" for a soft landing for the global economy, according to a G20 draft communique seen by Reuters on Wednesday.
New Zealand central bank governor Adrian Orr said that low and stable inflation is again in sight but the question of how long it takes for lingering inflationary pressures to dissipate remains.
Treasury yields were up 2 to 5 basis points as the curve flattened. The 2s-10s curve was up about 2 basis points to +16.5bp.
The S&P 500 fell 1.22% amid a broad-based market decline.
Oil fell 1.39% after data showed U.S. crude inventories rose by more than expected.
Gold fell 1.24% due to the stronger dollar and higher yields.
Copper slipped 1.03% amid global growth concerns.
Heading toward the close: EUR/USD -0.21%, USD/JPY +0.99%, GBP/USD -0.52%, AUD/USD -0.87%, DXY +0.37%, EUR/JPY +0.78%, GBP/JPY +0.45%, AUD/JPY +0.12%.
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Editing by Burton Frierson
Reporting by Robert Fullem
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