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Daily Currencies Ratings

Yuan retreats from March highs as dollar regains footing

The yuan eased from five-month highs on Thursday as the struggling greenback regained some ground on hopes U.S. lawmakers will soon agree to an economic stimulus package, taking a breather after two sessions of gains. The onshore yuan softened 0.1% to 6.9429 per dollar by midday, while its offshore counterpart was flat at 6.9420, after reaching their firmest since March on Wednesday amid U.S. dollar weakness. A gloomy outlook for the U.S. economy has kept the greenback near two-year lows. But signs of compromise among U.S. lawmakers for a fiscal ...

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Rupee declines 16 paise to 75.17 against US dollar in early trade

The rupee depreciated 16 paise to 75.17 against the US dollar in opening trade on Tuesday tracking weakness in Asian peers even as domestic equities started on a positive note. The rupee opened weak at 75.13 at the interbank forex market, then lost further ground and touched 75.17 against the US dollar, down 16 paise over its previous close of 75.01. Forex traders said, while firm start of the equity market and foreign fund inflows supported the rupee, factors like weak Asian currencies and rising COVID-19 cases dragged down the ...

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Dollar slips after political wrangling slows rally

A dollar rebound faltered on Tuesday as political wrangling over a U.S. relief plan and the gloomy outlook weighed on the currency. After its worst month in a decade in July, the greenback started August on a firm note as some investors trimmed their short positions. That only carried it so far, and the dollar edged down 0.2% on Tuesday against a basket of currencies. The euro – which gained 5% at the dollar’s expense in July – inched up on the day, last up 0.2% at $1.17875. “I think ...

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Dollar rallies after weakest month in a decade

The dollar rallied against a basket of rivals on Monday as a squeezing-out of crowded short positions combined with safe-haven demand gave the currency some respite after its weakest monthly performance in a decade. The dollar index =USD, which measures the greenback against a basket of leading currencies, lost more than 4% in July, its biggest monthly drop since September 2010. It is down 10% from its peak in March. Analysts put the slide down to waning safe-haven appeal as financial markets recover, market expectations for further easing of U.S. ...

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China’s yuan forwards hit highest since late 2017

China’s yuan forwards hit a more than 2-1/2 year high on Monday, driven by expectations of a widening yield gap between the world’s two largest economies. One-year onshore dollar/yuan swap points rose to 1,448 points in afternoon trade, the highest since November 2017, while the offshore swap point for the same tenor hit 1,493 points, the loftiest since December 2017. Traders and analysts said higher swap points in both onshore and offshore were due to expectations of a widening yield gap between China and the United States, a result of ...

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How strong is too strong? Euro’s 10% rally fans fears of side effects

The euro has enjoyed a 11% jump against the dollar since, benefiting from the U.S. currency’s weakness and Europe’s decisive joint stimulus plan to combat the coronavirus. It will end July with its best monthly performance in a decade. And its real exchange rate — against a basket of trade partners’ currencies, a gauge watched by policymakers — has soared to six-year highs. Graphic: Trade weighted euro index vs dollar index – Now some say they may hold off adding to those positions for fear of jolting the European Central ...

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Euro’s rise not ‘brutal’ enough, yet: Mike Dolan

The speed of the euro’s 10% surge against the dollar over the past 100 trading days is aping the sort of ‘brutal’ currency moves the European Central Bank has moaned about in the past. So far at least, there’s been barely a reference to the move from policymakers. Or indeed from euro area exporters. Reeling from the pandemic shock to the world economy, both parties have other fish to fry right now perhaps. Currency markets have mostly focused on the flipside of the pair – the retreat of the U.S. ...

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Dollar falls to two-year lows as U.S coronavirus cases surge

The U.S. dollar fell to a two-year low on Wednesday as pressure built on the Federal Reserve to strike a dovish policy stance amid a surge in coronavirus cases. Markets expect policymakers to hold fire, but rising infection rates and increased tensions is leading some analysts to predict strong forward guidance from the Fed. “These factors mean we should expect a decidedly more pessimistic assessment of the outlook for economic growth,” said Derek Halpenny, head of research at MUFG Bank. “We should also probably expect some focus on the U.S. ...

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Currencies rise on back of weaker dollar; S.African rand firms

Emerging market currencies started the week on a firmer footing on Monday, with the high-yielding South African rand leading gains as the dollar weakened on growing bets of a more accommodative stance from the U.S. Federal Reserve this week. The reserve currency of the world slipped against a basket of currencies, with focus shifting to a two-day Fed meeting starting on Tuesday. Expectations are that policymakers may begin laying the groundwork for more action in September or the fourth quarter. Analysts note that the move in the dollar may not ...

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Yen strengthens as worsening Sino-US relations back on the table

The Japanese yen rose to a one-month high while the euro’s gains paused as traders watched flash Purchasing Managers’ Index (PMI) readings for July across major developed economies. IHS Markit’s composite flash PMI for the euro zone came in above economists’ expectations and showed activity bouncing back to growth in July as more businesses reopened after lockdowns to curtail the spread of the coronavirus. PMIs for the United States will follow later in the day. The euro was left untouched by the euro zone data, as it has already enjoyed ...

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Bullish bets on most Asian currencies climb on vaccine hopes, China stability – Reuters poll

Investors raised their long bets on the Chinese yuan and most other Asian currencies, a Reuters poll showed, as signs of a recovery in the world’s second-largest economy and news of progress in coronavirus vaccine trials whetted risk appetite. Bullish positions in the yuan outpaced those in peers and were at their highest in two-and-a-half years, touching levels only seen before the trade war between the United States and China started, the fortnightly poll of 16 respondents showed. Encouraging early data from three potential COVID-19 vaccine trials and upbeat economic ...

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Dollar hits four-month lows as Sino-U.S. tensions loom

The U.S. dollar hit four-month lows against a basket of peer currencies on Thursday, resuming its slide as investors took a wait and see approach to tensions between the United States and China. The United States gave China until Friday to close its consulate in Houston following allegations of spying. China has vowed to respond, and the escalating tension between the world’s two largest economies sent the yuan on its sharpest slide in nearly two months on Wednesday. That slide reversed on Thursday, with the offshore yuan bouncing back to ...

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Dominant Currencies and the Limits of Exchange Rate Flexibility

Faced with an unprecedented shock of collapsing global demand and commodity prices, capital outflows, major supply chain disruptions and a generalized drop in global trade, many emerging markets and developing economies’ (EMDEs) currencies have weakened sharply. Will these currency movements support the recovery of these economies? Building on a new dataset, research laid out in a new IMF Staff Discussion Note indicates that the short-term gains from weaker currencies may be limited. This is especially true for EMDEs where firms price their international sales and finance themselves in a few ...

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Euro hits four-month high on hopes for EU recovery fund deal

The euro retreated after hitting a 19-week high of $1.1467 on Monday after EU summit chairman Charles Michel said a recovery fund to revive economies hit by the COVID-19 pandemic could contain 390 billion euros in grants. EU leaders have made progress in Brussels after three days of talks, but they remain at odds over how to carve up the proposed 750 billion euros (684.76 billion pounds) recovery fund designed to help Europe cope with its deepest recession since World War Two. The next level to watch for the euro ...

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Pound set for biggest weekly fall in a month, economic gloom weighs

The pound eased slightly in early London trade on Friday, set for its biggest weekly fall versus the dollar in a month, as uncertainty over Britain’s economy, difficult Brexit talks and a heavy COVID-19 death toll weighed on the currency. The pound is on track to be the worst performing G10 currency this week, after weaker economic data raised concerns over the possibility the Bank of England will introduce negative interest rates. “The pound has had a slightly more negative week over concern that weaker data will prompt further action ...

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