Ammon News - U.S. fiscal concerns and a tepid auction of Treasury bonds pushed the dollar to a two-week low versus the yen on Thursday, while the U.S. Congress moved closer to passing President Donald Trump's bill for massive cuts in taxes and spending.

The lacklustre 20-year bond sale reinforced the "Sell America" narrative, weighing not just on the dollar but on Wall Street as well, with traders already jittery after Moody's cut the triple-A U.S. credit rating last week.

Bitcoin pushed to an all-time high on Thursday, partly as investors sought out alternatives to U.S. assets. Gold also benefited, reaching an almost two-week top of $3,325.79 and putting it within $175 of April's record peak.

"Despite falling equities, the U.S. dollar has not seen traditional safe-haven demand, with gold, the euro and the yen instead benefiting," said James Kniveton, a senior corporate FX dealer at Convera.
In the process of getting Trump's bill to the Senate, "fiscal restraint could emerge, but market sentiment suggests scepticism," he said.

The dollar slipped as much as 0.4% to 143.15 yen , the weakest level since May 7.

The euro was last flat at $1.1326, after rising 0.4% on Wednesday for a third straight session.

Sterling rose 0.1% to $1.3431.

The Swiss franc ticked up 0.1% to 0.8246 per dollar.

Bitcoin climbed as high as $111,862.98, a fresh all-time peak and a 3.3% increase from Wednesday's close. Reuters