* Commodity currencies hold big advances from overnight
* Bitcoin tops $55,000, closing gap to record high
* Graphic: World FX rates https://tmsnrt.rs/2RBWI5E
TOKYO, March 10 (Reuters) - The U.S. dollar remained lower
against major rivals on Wednesday after pulling back from
multi-month highs as a retreat in Treasury yields reduced the
currency's appeal.
Riskier currencies including the Australian and New Zealand
dollars held overnight gains as the pause in the bond market
rout of recent weeks boosted investor sentiment, which also
lifted stocks.
Bitcoin BTC=BTSP topped $55,000 for the first time since
Feb. 22 as it narrowed the gap to its record high above $58,000.
A gauge of the dollar =USD - a traditional haven currency
- against six peers was little changed at around 92.033 after
falling back from a 3-1/2-month high of 92.506 overnight. Less
than two weeks ago, it was trading below 90.
The U.S. currency has tracked gyrations in Treasury yields,
which have soared on bets that a faster-than-expected economic
rebound would spark a surge in inflation, with President Joe
Biden expected to sign a $1.9 trillion coronavirus aid package
as soon as this week. Many analysts still expect the dollar to weaken over the
course of this year though, but the speed of recent gains has
forced some to adjust their views.
Westpac, which as recently as last week was talking about
selling the dollar index into 91, now sees it reaching as high
as 94.50 before resuming last year's downtrend as the rest of
the world closes the gap with the U.S.'s pandemic recovery.
"Global reflation is alive and well, and Europe will get her
vaccination act together at some point too," Westpac strategists
wrote in a note Wednesday.
"A continuation of the global recovery ... should see
commodity currencies outperform."
The Aussie AUD= was mostly flat at $0.7708 after jumping
1% overnight.
New Zealand's kiwi NZD= slipped 0.1% to $0.7165 following
Tuesday's 0.8% increase.
The euro EUR=EBS was 0.1% lower at $1.18880 after bouncing
off Tuesday's 3 1/2-month low of $1.18355.
Against the yen JPY=EBS , another traditional safe haven
currency, the greenback traded 0.1% higher at 108.575 following
its retreat from a nine-month top of 109.235.
In cryptocurrencies, bitcoin BTC=BTSP rose as high as
$55,811.40 on Wednesday and was last up 1.3% at $55,661.70.
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Currency bid prices at 112 GMT
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar EUR=EBS $1.1896 $1.1901 -0.05% -2.64% +1.1904 +1.1888
Dollar/Yen JPY=D3 108.5820 108.5100 +0.01% +5.07% +108.6770 +108.5250
Euro/Yen EURJPY= 129.17 129.10 +0.05% +1.77% +129.3100 +129.0700
Dollar/Swiss CHF=EBS 0.9287 0.9280 +0.11% +5.00% +0.9290 +0.9279
Sterling/Dollar GBP=D3 1.3888 1.3889 +0.02% +1.68% +1.3891 +1.3879
Dollar/Canadian CAD=D3 1.2641 1.2640 +0.03% -0.71% +1.2651 +1.2635
Aussie/Dollar AUD=D3 0.7706 0.7721 -0.15% +0.21% +0.7718 +0.7703
NZ NZD=D3 0.7166 0.7176 -0.10% -0.17% +0.7181 +0.7165
Dollar/Dollar
All spots FX=
Tokyo spots AFX=
Europe spots EFX=
Volatilities FXVOL=
Tokyo Forex market info from BOJ TKYFX
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World FX rates https://tmsnrt.rs/2RBWI5E
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