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Daily Currencies Ratings

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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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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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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Dollar in Danger of Weakening for Six Years, Morgan Stanley Says

The dollar is threatened by six years of weakness as stronger global growth will outweigh any boosts from interest-rate increases by the Federal Reserve, according to Morgan Stanley. Investors should short the greenback against emerging-market currencies and the euro as growth gathers momentum, said Hans Redeker, the London-based chief global currency strategist at Morgan Stanley. The dollar’s rally against the yen will halt at 117 in the first quarter, before it drops below 108 by the end of next year, he said. “The dollar has topped out in January this ...

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Dollar steadies as tax overhaul gets U.S. House nod

The U.S. dollar edged higher against a basket of major currencies on Thursday, rebounding from a more than three-week low in the previous session, after the U.S. House of Representatives passed their version of the tax overhaul bill. The dollar index, which measures the greenback against six rival currencies, was up 0.13 percent to 93.933. The U.S. House of Representatives approved a broad package of tax cuts affecting businesses, individuals and families on Thursday, moving Republicans and President Donald Trump an important step closer to the biggest tax code overhaul ...

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Yuan Looks More Like Floating Currency Nowadays, Fed Study Shows

China’s currency is looking more like its overseas peers nowadays, although its fluctuations in daily trading sessions continue to be “unusually low,” according to an analysis conducted by Federal Reserve Bank of New York staff. The official morning “fix” for the yuan, which sets the mid-point for its permitted fluctuations that day, has become “quite responsive to market forces,” John Clark at the New York Fed wrote in a paper posted on the bank’s website. It now largely passes through movements in the dollar-yuan exchange rate over the previous day, ...

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Trade sterling like emerging market currency, say investors

The pound should be traded like the currency of an emerging-market country, money managers at the 2018 Reuters Global Investment Summit said, because of uncertainty surrounding Brexit. Portfolio managers told the summit that high levels of political risk, a hefty current account deficit, and high levels of debt made Britain appear more like an developing economy than an advanced one, and trading its currency should therefore reflect that. “If you look at sterling though an emerging-market (EM) prism it’s a screaming sell,” said Paul McNamara, an investment director at GAM, ...

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Pound Slips on Report of EU Rejecting U.K. Bid for Bespoke Deal

The pound fell to reverse earlier gains after a report that the European Union plans to reject the U.K.’s proposal for a bespoke trade deal. Sterling snapped two days of gains after Politico reported Brussels is preparing to offer the U.K. a limited free trade deal that would risk its status as a financial capital. It said that according to leaked documents, this model would only offer “limited EU commitments to allow cross border provision of services” and “no direct branching in areas like financial services.” “Any newsflow which suggests ...

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Dollar rebounds from four-week lows as risk appetite recovers

The dollar rebounded from four-week lows against the yen on Thursday, as global markets regained some of their risk appetite after a sharp sell-off in stocks and the greenback over the past week. As share prices rebounded across Asia and Europe, the dollar climbed around 0.2 percent to 113.09 yen <JPY=>, up from lows of 112.47 yen on Wednesday. But against a basket of currencies, the greenback was flat <.DXY>, having fallen to its lowest in almost four weeks on Wednesday – a severe correction from the uptrend that began ...

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Dollar steadies after solid U.S. data

The dollar trimmed losses against a basket of major currencies on Wednesday, after data showed an uptick in underlying inflation as well as a surprise rise in retail sales last month, cementing expectations for an interest rate hike in December. Underlying U.S. consumer prices increased in October on the back of a pickup in rents and healthcare costs, bolstering the view that a recent disinflationary trend worrying the Federal Reserve probably had ended. The Labor Department said on Wednesday that the core Consumer Price Index rose 0.2 percent in October ...

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