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NEW YORK/LONDON, Jan 9 - U.S. Treasury yields retreated from an eight-month high on Thursday while the dollar strengthened against major currencies, as markets weighed the Federal Reserve's interest rate cut moves amid U.S. economic resilience.
"Yields have come down a little bit heading into the payroll number on Friday and it's indicative of where the level of concern is, which is that maybe the move in yields has been overdone," said Drew Matus, chief market strategist at MetLife Investment Management in New Jersey. U.S. stock markets were closed on Thursday to mark the funeral of former U.S. president Jimmy Carter. U.S. bond markets close early at 2 p.m. ET .
The U.S. dollar index traded near 109.54, its highest level since November 2022, which it hit last week. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, rose 0.13% to 109.16, with the euro down 0.18% at $1.0299. China's yuan steadied near a 16-month low against the dollar as the nation's central bank announced a record amount of offshore yuan bill sales to support the currency.
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