Dollar trims gains as Treasury yields fall

The dollar trimmed early gains against the yen and the euro Wednesday, but remained higher against both even as falling Treasury yields dulled the dollar’s luster.

The dollar was up 0.6% on the day USDJPY, +0.26%  to ¥120.71 late Wednesday in New York. The euro EURUSD, +0.0089%  weakened 0.2% against the dollar to $1.1190.

Several factors weighed on Treasury yields in afternoon trading: stronger-than-expected demand at an auction of 10-year notes, and a selloff in U.S. stocks instigated by declining Apple Inc. shares and a selloff in crude oil. Treasury yields move inversely to prices.

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