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LONDON – The dollar hit its highest level in a month against its basket on Tuesday and riskier currencies retreated, as underlying concerns about rising bond yields pushed investors back into safe-haven stocks.
Rising yields have spooked markets in recent weeks, with participants fearing that an economic recovery from the impact of COVID-19, combined with a fiscal stimulus, could cause inflation to rise relative to demand from consumers. consumers turned back at the end of the lockouts.
Riskier currencies, notably the Australian and New Zealand dollars, recovered some recent losses on Monday, as yields retreated and equity markets rallied. But they resumed their decline on Tuesday.
The dollar hit its highest for a month against a basket of currencies, up 0.3% on the day to 91.326 at 0808 GMT, in…
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