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* Graphic: World FX rates tmsnrt.rs/2RBWI5E
* Stall in Treasury yield gains hurts dollar
* Euro awaits ECB for any hints on policy stance
* Bank of Canada puts tapering back in spotlight
By Stanley White
TOKYO, April 22 (Reuters) - The dollar was pinned near
multi-week lows against most major currencies on Thursday as
fading gains in U.S. Treasury yields reduced the greenback"s
interest rate advantage.
The euro was in focus ahead of a European Central Bank
(ECB)meeting later on Thursday, where any positive comments
about the economic outlook or hints of tapering bond purchases
are expected to send the common currency racing higher.
Sentiment toward the dollar has weakened as last month"s
spike in Treasury yields reverses course, but some analysts say
the outlook over the longer term remains positive due to a
strong U.S. economy and an improved coronavirus vaccination
programme.
"We"ve confirmed that demand for Treasuries is healthy,
which means there is no upward pressure on yields," said Junichi
Ishikawa, senior foreign exchange strategist at IG Securities in
Tokyo.
"In this environment, the dollar will test the downside
against the yen. The euro is different because there are signs
that people inside the ECB are more optimistic about the
economy, which raises questions about tapering."
The dollar eased slightly to 107.93 yen, close to a
seven-week low.
The euro was quoted at $1.2033, not far from its
strongest since March 3.
The British pound bought $1.3931.
The onshore yuan rose to 6.4828 per dollar to
reach its strongest level since March 12.
On Wednesday a closely watched auction of U.S. 20-year
Treasuries drew strong demand, which helped the fixed income
market regain its composure and put a cap on yields.
Last month, Treasury yields spiked to their highest in more
than a year due to worries about accelerating inflation, which
prompted dollar bulls to pile into the currency.
However, this trade has started to unwind this month as
yields reversed course, and investors will now look to the U.S.
Federal Reserve"s meeting next week for new trading cues.
The ECB is not expected to change policy when it meets later
on Thursday, but analysts say this meeting will set the stage
for June, when policymakers have to decide whether to slow bond
buying.
Dutch central banker Klaas Knot has already said tapering is
possible, and the euro could resume its rise against the dollar
on any signs that a reduction in bond purchases is gaining more
support within the ECB, analysts said.
Monetary policy has drawn renewed attention after the Bank
of Canada signalled that it could start hiking interest rates in
late 2022 after it cut the pace of bond purchases, making it the
first Group of Seven central bank to move towards withdrawing
extraordinary stimulus.
The Canadian dollar, which surged to a six-week high
on Wednesday, was last quoted at 1.2510 against its U.S.
counterpart.
The Australian and New Zealand dollars
traded near one-month highs against the greenback, supported by
speculation that their central banks are more likely to follow
Canada"s example due to an improving economic outlook.
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Currency bid prices at 0452 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.2033 $1.2036 -0.02% -1.51% +1.2047 +1.2033
Dollar/Yen 107.9350 108.1300 -0.13% +4.55% +108.1350 +107.9600
Euro/Yen
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