While US yields halted their rise, the dollar remained soft. At the same time, the euro plunges below $1.08 and the Russian ruble falls.

The dollar was in the hot seat on Thursday after tumbling overnight, especially against the pound sterling and the euro, as US yields halted their rise, offering some relief to the bruised and battered yen. The greenback weakened 0.6% on the loonie on Wednesday, after the move, but gained ground on the kiwi.

The euro plunged below $1.08 after the ECB, a first since 2020. The British pound reached $1.3131 in morning trading, its highest level in a week against the dollar. The dollar index, which measures the dollar against six other currencies, remained at 99.818 after falling 0.52% overnight. The Singapore dollar gained about 0.5% to a one-week high on the dollar after the decision. The Korean won was less affected, with an increase of 0.16%.

The Japanese yen was recently at 125.37 per dollar, after falling wednesday to 126.31, its lowest level in 20 years. The Russian ruble weakened on Thursday, falling 2% to 81.50, moving away from its highest level since Nov. 11 of 71 it reached last week.