The US dollar traded close to a three-month high against major peers today, underpinned by expectations for a slower pace of interest rate cuts by the Federal Reserve. The US dollar index, which measures the currency against six rivals including the euro and yen, stood at 104.30. US 10-year Treasury yields have risen in response, reaching a three-month high of 4.26% overnight. The Japanese yen tends to weaken when US bonds yields climb, and the US dollar pushed as high as 153.19 yen yesterday (Wednesday) for the first time since 31 July 2024. The euro slumped to a nearly four-month trough of $1.07612 overnight and last changed hands at $1.079075. Sterling was steady at $1.29255, after dipping to a more than five-week low of $1.29080 in the previous session. Source: Oman News Agency