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Daily Currencies Ratings

Dollar near two-month low as strong economic data underpins euro

The dollar fell to its lowest since late September against a basket of currencies on Friday as investors grew optimistic about the strength of the euro zone’s recovery and lost appetite for the greenback. The euro hit its highest since Sept. 25 against the dollar, up 0.65 percent on the day and more than 1 percent for the week. It was the single currency’s third straight week of gains, its best run since July, and second straight 1 percent weekly gain. Against the Japanese yen, the euro rose more than ...

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Euro hits six-week high on growth outlook optimism

The euro hit a six-week high against the dollar on Friday, with investors optimistic about the strength of the euro zone’s recovery after strong economic data this week. The single currency is up around 0.7 percent since Monday <EUR=>, putting it on course for a third straight week of gains against the dollar – its best run since July. The euro had started the week on the back foot, knocked by political uncertainty in Germany after coalition talks failed, but it recovered quickly as investors focused on a robust growth ...

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Sterling slips as budget brushed off, Brexit back in focus

Sterling edged down from a six-week high on Thursday, with traders largely brushing off cuts to Britain’s economic growth forecasts announced in the previous day’s budget statement and refocusing on Brexit negotiations. Prime Minister Theresa May will visit Brussels on Friday, where European Union negotiators hope she will run the risk of a domestic backlash by raising Britain’s divorce bill offer to secure a deal in December. Local media reports over the past week suggest May has secured backing from pro-Brexit hardliners in her cabinet to increase the offer, which ...

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Dollar licks wounds after biggest drop since June

The dollar nursed losses on Thursday after posting its biggest loss in five months in the previous session as investors dialed down expectations on the outlook for U.S. interest rate hikes next year based on minutes from the Federal Reserve’s latest policy meeting. With Chinese stocks down between 2-3 percent in Asian trade, low yielding currencies such as the Japanese yen <JPY=EBS> and the Swiss Franc <CHF=EBS> remain firmly supported against the greenback as investors shied away from taking positions in a holiday-shortened week. “While a December U.S. rate hike ...

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Dollar sinks on Fed inflation fears, weak data and technicals

The dollar fell on Wednesday to its lowest level since October against a basket of major currencies, marking its worst one-day performance in five months. The release of minutes from the Federal Reserve’s most recent policy meeting, weak U.S. data and technical trading aligned to send the dollar tumbling against both safe-haven and risky currencies. The dollar plumbed its lows of the day after the release of the Fed’s November meeting minutes showed policymakers were concerned about inflation, which has remained subdued. “Some people in the market obviously took that ...

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China’s Banks Are Getting Ready for Bigger Swings in the Yuan

While the yuan has been having its best year since 2011 against the dollar, China’s banks continue stocking up on foreign currency in a sign that they are preparing for greater swings in the exchange rate. Depository corporations — a majority of which are lenders — boosted their holdings to 5.39 trillion yuan ($812 billion) in October, up 383 billion yuan so far this year, People’s Bank of China data show. That compares with an increase of 843 billion yuan in 2016, when the yuan slumped 6.5 percent against the ...

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Buoyant risk appetite pushes euro up for a second day

The euro edged higher for a second consecutive day on Wednesday, recouping more than half of its losses sustained after the German coalition collapse as investors bought the single currency on expectations of strong economic growth. With risk appetite firmly on the front foot, with world stocks perched at a record high and market gauges of volatility heading back towards record lows, even commodity-linked currencies, such as the New Zealand dollar <NZD=D3>, which have suffered a recent beating found some support. [MKTS/GLOB] “Regardless of what the German political outcome will ...

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Dollar dips, consolidating gains ahead of Yellen speech

The dollar turned broadly lower on Tuesday, moving in line with declining U.S. 10-year Treasury yields and retracing gains from Monday in light trading ahead of Thursday’s Thanksgiving holiday in the United States. With limited data this week and the release of minutes from the Federal Reserve’s November meeting and a speech from Fed Chair Janet Yellen expected in the next 24 hours, analysts said investors were seeking to even their books after dollar strength the previous session. “It’s just a lot of consolidation in the market,” said Kathy Lien, ...

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Euro steadies after biggest daily fall in a month

The euro steadied on Tuesday after notching up its biggest fall in nearly a month in the previous session as investors shrugged aside concerns of any fallout from the German political deadlock for now. With core bond yield spreads tightening and benchmark European stock indexes trading well within recent ranges, markets are focusing on the steady drip of positive data coming out of the eurozone. “Politics is not much of a concern for now and I think the euro may only weaken now if it seems that Merkel herself may ...

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Dollar near one-week high as euro drops on German political risk

The dollar touched its highest against a basket of major currencies in nearly a week on Monday as the euro weakened on political risks linked to German Chancellor Angela Merkel’s failure to form a three-way coalition government. Merkel, whose conservatives were weakened after they won an election in September with a reduced number of seats, said she would inform the German president that she could not form a coalition, after the pro-business Free Democrats withdrew from negotiations. The development thrust Germany, Europe’s biggest economy, into a political crisis that raised ...

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Euro Is a Haven and So Much More to Traders

When the going gets tough, traders are increasingly buying the euro these days. Europe’s common currency, which just a few years ago was almost a byword for political instability and faced threats to its very existence, is now attracting buyers at times when risk assets around the world are being sold. Part of that is due to haven flows and investors unwinding carry trades. But it also reflects a market that is increasingly upbeat about growth and inflation in Europe even as central bankers remain loath to dial back stimulus. ...

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Euro rebounds from earlier lows as traders brush off Germany worries

The euro recovered from a two-month low against the yen touched in Asian trade on Monday, with investors brushing off the broader political risks of a failure of German Chancellor Angela Merkel to form a three-way coalition government. Merkel, whose conservatives were weakened after they won an election in September with a reduced number of seats, said she would inform the German president that she could not form a coalition, after the pro-business Free Democrats withdrew from negotiations. The development thrust Germany into a political crisis that raised worries among ...

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Are we entering the age of the ‘petro-yuan’?

Most of the world’s commodity trading is denominated in U.S. dollars, but the Chinese yuan, also known as renminbi, could soon be making some inroads. Reports say that Saudi Arabia—the world’s largest oil exporter—might start to accept Chinese yuan as payment for its usually dollar-denominated oil exports to China, after oil companies in Russia, Iran and Venezuela have done the same, according to Sue Trinh, head of Asia FX strategy at RBC. This fuels the specter of a “petro-yuan” taking on the dominance of the petrodollar. “Related to this are ...

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Dollar weak on worries over U.S. tax reform outlook, Mueller probe

The dollar fell against a basket of other major currencies on Friday, as Treasury yields slipped and investors remained skeptical of U.S. Republicans’ efforts to pass tax cuts after a barren first year for the Trump administration in Congress. The dollar index .DXY, which measures the greenback against six rival currencies, was down 0.31 percent to 93.645. For the week, the index was down 0.8 percent. The euro EUR= was up 0.23 percent to $1.1796. The greenback was down 0.82 percent against the Japanese yen. “The dollar is weaker across the board, ...

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In Currency Battle Between Asian Export Giants, Taiwan is Winning

There’s always competitive tension between Asia’s export giants — and at the moment, it’s the won’s surge that has people talking. Analysts at Yuanta Securities Co. in Taipei concluded that policy makers in Seoul have lost their grip on the South Korean currency, according to a note dated Friday, after the won strengthened past 1,100 per dollar for the first time in a year. The currency is also trading at a 12-month high versus the Taiwan dollar. The Yuanta strategists are monitoring the correlation between the Asian exchange rates, and ...

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