US Dollar dips as 10-year yields back away from highs

The US Dollar (USD) fell against the euro and yen on Thursday as the U.S. 10-year yield backed away from the 5% level it neared, before remarks by Federal Reserve Chair Jerome Powell at a discussion on the economy. Higher Treasury yields have increased the relative attractiveness of the U.S. currency since mid-July, with benchmark 10-year yields earlier on Thursday hitting a 16-year high of 4.983%.