Dollar on track for weekly losses as US yields decline

US dollar declined in European trade against major rivals, resuming the losses after a short hiatus yesterday, following Fed Chair Powell's Congressional testimony. 

The greenback is heading for the first weekly loss in a month as US yields decline to two-week lows on US recession concerns. 

The Index

The dollar index fell 0.25% to 104.12, after closing up 0.2% yesterday, the first loss in the last four days following weak manufacturing and services data in Europe. 

Yields 

US 10-year treasury yields declined 1.6% today for the third session, almost hitting two-week lows at 3.007%.

Fed Chair Jerome Powell said the Fed is committed to control prices even if that threatened a recession in the country.

Weekly Trading

The index is still down 0.5% throughout the week, on track for the first weekly loss in a month. 

A spate of data showed a slowdown in US services and manufacturing sectors, triggering fears of a recession in the US.