US$ weakens as US bond yields slip from recent highs

New York

THE dollar slid against major rivals on Friday as investors took advantage of a minor pullback in US bond yields from recent highs and a holiday-shortened week to consolidate gains that had propelled the currency to a nearly 14-year peak.

Expectations of higher US inflation and interest rate hikes by the Federal Reserve have driven the greenback to a more than 6 per cent gain in the last two months, its strongest showing over a similar period since early 2015.