US recap: EUR/USD slips as dollar tracks yields higher
Oct 25 (Reuters) -The dollar rose with Treasury yields on Friday as investors pivoted toward the haven currency ahead of a turbulent two weeks that includes a weekend election in Japan.
U.S. Treasury yields reversed an earlier drop amid higher oil prices and after a University of Michigan survey showed US consumer sentiment improving in October.
Republican presidential candidate Donald Trump and his Democratic rival Kamala Harris are tied at 47% each among likely voters, according to CNN's last nationwide poll.
The euro retreated amid broad dollar strength and after European Central Bank President Christine Lagarde said Euro zone inflation is "well on track" to hit the bank’s 2% target next year.
Lagarde's comments followed reports that euro zone bank lending was continuing to rebound and German business morale rose more than expected in October.
The European Central Bank will keep cutting interest rates and its deposit rate remains "quite far" away from a neutral setting, said French central bank chief Francois Villeroy de Galhau said.
Additionally, German Finance Minister Christian Lindner told Reuters that a trade conflict between the United States and the European Union would not see any winner.
The pound settled beneath 1.30 as traders awaited details of the U.K. budget scheduled for Oct. 30. UK's finance minister Rachel Reeves said Britain needs to take a "hard-headed, economic realist" approach to relations with China.
The yen languished ahead of a weekend election in Japan that could see the ruling Liberal Democratic Party end more than a decade of political dominance and potentially complicate the Bank of Japan's policy normalization plans.
Treasury yields rose about 2 basis points across the curve. The 2s-10s curve was little changed at +13.3bp.
The S&P 500 fell 0.1% amid weakness in financials and utilities.
Oil was up 1.87% amid ongoing geopolitical uncertainty in the Middle East.
Gold was little changed as profit-taking capped price gains.
Copper edged up 0.36% though remained on pace for a weekly decline amid China growth worries.
Heading toward the close: EUR/USD -0.26%, USD/JPY +0.28%, GBP/USD -0.09%, AUD/USD -0.53%, DXY +0.21%, EUR/JPY +0.05%, GBP/JPY +0.26%, AUD/JPY -0.22%.
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Editing by Burton Frierson
Reporting by Robert Fullem
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