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* Graphic: World FX rates tmsnrt.rs/2RBWI5E
* Fed speakers expected to repeat that rates will remain low
* Dollar loses ground as Treasury yields stall
* Yen falls on crosses as economic concerns grow
By Stanley White
TOKYO, May 18 (Reuters) - The dollar plumbed a six-year
trough against the Canadian dollar and teetered near multi-month
lows versus European currencies on Tuesday, as Treasury yields
stalled amid renewed expectations the United States will not
hike interest rates anytime soon.
Dallas Federal Reserve President Robert Kaplan on Monday
reiterated his view that he does not expect interest rates to
rise until next year, fuelling a further decline in bets that
inflationary pressure could force the Fed to act sooner.
This week a host of Fed policymakers are scheduled to speak,
and the U.S. central bank will also release minutes from its
most recent meeting, which may give indications about where
monetary policy is headed this year.
However, the growing consensus is that the Fed will tolerate
what it sees as a temporary acceleration in inflation, which
will keep the dollar lower against most major currencies.
"The most important point is where are yields headed," said
Junichi Ishikawa, senior foreign exchange strategist at IG
Securities. "Yields are capped, reflecting expectations that
U.S. monetary policy will remain easy," Ishikawa added.
"This places the dollar under downward pressure."
The benchmark 10-year U.S. Treasury yield stood
at 1.6454%, extending a pullback from a five-week high reached
last week.
The dollar traded at $1.2164 against the euro,
close to the weakest since Feb. 26.
The British pound rose to $1.4177 to reach its
strongest since late February. Sterling has been buoyed recently
as investors cheer the gradual lifting of strict coronavirus
restrictions.
The Canadian dollar advanced to a six-year high of
C$1.2030 against the greenback, aided by a rise in oil prices.
The dollar held steady at 109.19 yen. The currency
pair has been locked in a narrow range amid worries about
Japan"s slow pace of vaccinations and weakness in the greenback.
The yen fell against the British pound and the
Antipodean currencies after data showed
Japan"s economy contracted more than expected due to coronavirus
infections.
Some investors were already scaling back expectations for a
Fed rate hike this year, and Kaplan"s comments gave traders even
more incentive to sell the dollar.
The onshore yuan edged up to 6.4279 per dollar,
not far from an almost three-year high reached last week.
The Australian and New Zealand dollars
also rose against their U.S. counterpart.
In the cryptocurrency market, bitcoin rose 3.85%
to $45,272 but was still close to a three-month low amid doubts
about Tesla"s boss Elon Musk"s enthusiasm for the digital asset.
Rival digital currency ether rose 6.95% to
$3,509, steading from a two-week low reached on Monday.
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Currency bid prices at 0458 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar $1.2164 $1.2152 +0.10% -0.44% +1.2169 +1.2153
Dollar/Yen 109.1950 109.1750 +0.02% +5.72% +109.2750 +109.1300
Euro/Yen
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