Market News
Dollar swoons on fiscal worries, bitcoin extends record rally - REUTERS
Summary
- US fiscal concerns hurt dollar, support safe-haven yen
- Bitcoin hits record high as investors seek dollar alternatives
- Trump bill could add $3.8 trillion to debt over next decade.
TOKYO, May 22 (Reuters) - 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.
