Forex- Dollar Falls; Sterling Rises as Brexit Talks Near End By

The dollar fell on Thursday. – The U.S. dollar eased back from earlier highs on Thursday, as 10-year Treasury yields continued to climb.

The , which measures the greenback’s strength against a basket of six major currencies, fell 0.37% to 95.32 as of 11:08 AM ET (15:08 GMT).

The yield on the benchmark rose to levels not seen since 2011 after upbeat economic data and hawkish comments from Fed Chairman Jerome Powell bolstered expectations of an interest rate increase in December.

The yield was up 1.36% to 3.204% after jumping almost 4% in the previous session.

Fed Chairman Jerome Powell said Wednesday that the U.S. central bank may raise interest rates above an estimated “neutral” setting as the U.S. economy continues to grow.

“Interest rates are still accommodative, but we’re gradually moving to a place where they’ll be neutral,” neither holding back nor spurring economic growth, Powell said.

“We may go past neutral. But we’re a long way from neutral at this point, probably,” he added.

Data this week showed that private sector hiring increased at the fastest pace in seven months in September while weekly jobless claims numbers fell to an almost 49-year low.

Elsewhere the euro recovered due to the weaker dollar while sterling surged amid reports that the European Union and the UK are in the final Brexit negotiation stages.

increased 0.39% to 1.1522 and rose 0.70% to 1.3030.

The dollar slid lower against the yen, with down 0.69% to 113.74.

The Australian dollar was lower, with down 0.20% to 0.7090, while fell 0.21% to 0.6499 and rose 0.01% to 1.2870.

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