Dollar on the defensive as banking fears ebb; yen drops

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Reuters UK

By Kevin Buckland TOKYO (Reuters) – The safe-haven U.S. dollar remained on the back foot on Wednesday following two days of losses as global financial markets regained a measure of stability on hopes a full-blown banking crisis can be averted. The dollar index, which tracks the currency against six major peers, was flat in early Asian trading, following drops of about 0.3% in each of the past two sessions. The weakness comes despite a rise in U.S. Treasury yields, which is also the result of ebbing demand for the safest assets. The yen remained volatile in the run-up to the end of the Japanese…

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