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Daily Currencies Ratings

U.S. dollar weakens for fifth day on vaccine optimism

The dollar slipped for a fifth straight session on Wednesday, sliding to a more than one-week low, as positive vaccine news offset the surge in coronavirus cases and tighter economic restrictions across the United States and Europe. The market showed a little more appetite for risk-taking, with gains in currencies that rise in times of improving sentiment such as sterling, the New Zealand dollar, and Norwegian crown. Pfizer announced that the final results from the late-stage trial of its COVID-19 vaccine showed it was 95% effective, giving relief to a ...

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Vaccine rollout could cause U.S. dollar to fall 20% in 2021: Citi

The widespread distribution of vaccines to combat the coronavirus pandemic and ongoing monetary easing could cause the U.S. dollar to weaken as much as 20% next year, Citibank said. “When viable, widely distributed vaccines hit the market, we believe that this will catalyze the next leg lower in the structural USD downtrend we expect,” the U.S. bank said in a research note. “Given this set-up, there is the potential for the dollar’s losses to be front-loaded, with the USD potentially falling by as much as 20% in 2021.” Moderna Inc ...

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Pressure grows on the dollar as vaccine hopes get tested

Pressure increased on Wednesday against the dollar which hit its lowest level in over a week as tighter economic restrictions across the United States and Europe tested market optimism over vaccine trials. Most notably, the retail sales report released by the U.S. Commerce Department showed spending decelerating as the holiday shopping season approaches, amid a lack of fresh fiscal relief from Washington. Against a basket of currencies the dollar =USD eased to 92.250, its lowest level since November 9. “The U.S. Dollar drifted lower overnight following disappointing U.S. Retail Sales ...

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Analysis: Japan’s yen doubles up as high yielder and safe haven

Having burnished its traditional image as a global safe haven during the coronavirus pandemic, Japan’s yen is attracting fresh interest as the highest yielder among the three major currencies. The past few weeks have seen the yen hit multi-month highs as news broke of a Biden presidency and a possible COVID-19 vaccine, which is at odds with its tendency to weaken when investors seek risk and growth prospects. Analysts cite two big reasons driving a wave of money into yen markets. As a net creditor nation in a world of ...

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Dollar dips as weak trend seen intact; offshore Chinese yuan rises

The dollar fell to a one-week low on Tuesday in quiet trading, still weighed down by optimism over a second coronavirus vaccine, as the outlook for the currency remained downbeat with the Federal Reserve and U.S. Congress poised to do more to ease COVID-19’s economic damage. The euro, sterling, Swiss franc, and yen rose against the dollar, while the Chinese yuan hit its highest against the U.S. currency since June 2018. Drugmaker Moderna MRNA.O became the second U.S. pharmaceutical company in a week to report positive results from trials of ...

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Vaccine optimism buoys euro, offshore yuan hits highest since June 2018

The euro climbed against the dollar on Tuesday, helped by optimism over another coronavirus vaccine, while the Chinese yuan hit its highest against the U.S. currency since June 2018. Europe’s shared currency, however, fell against a broadly stronger pound, which gained on media reports that Britain could reach a post-Brexit trade agreement with the European Union by early next week. Drugmaker Moderna became the second U.S. pharmaceutical company in a week to report positive results from trials of a COVID-19 vaccine, considered necessary to eradicate the pandemic. Last week, encouraging ...

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Dollar little moved by optimistic news on another COVID vaccine

The dollar was little changed on Monday after pharmaceutical firm Moderna MRNA.O became the second U.S. company in a week to report positive results from its COVID-19 vaccine trials. FILE PHOTO: Euro currency bills are pictured at the Croatian National Bank in Zagreb, Croatia, May 21, 2019. REUTERS/Antonio Bronic Optimism about the vaccine lifted stocks but mostly bypassed the foreign exchange markets, where currency trading held the index of the U.S. dollar against a basket of currencies =USD at 92.64, just below its late Friday level at 92.74. “For now, ...

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Euro hits one-week high as vaccine hopes lift investor spirits

The dollar dropped and the euro and British pound gained on Monday, as investors began the week in an upbeat mood after strong data out of Asia and on hopes for a successful vaccine against COVID-19. Despite fears of a resurgence of global cases of COVID-19, investors remain hopeful a working vaccine could rescue the global economy, helping to fuel a rally in stock markets and a rebound in riskier currencies. Signs that Britain and the European Union might make progress negotiating a post-Brexit trade deal also encouraged investors to ...

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Goldman Sachs says a divided U.S. government could boost Asian currencies

The U.S. elections will likely result in a divided government — and that could lead Asian currencies to appreciate against the greenback, a Goldman Sachs economist said. The election results are still being finalized, but NBC News has projected a victory for Democratic candidate Joe Biden in the presidential contest. Democrats will also keep their House majority, NBC projected. But Republicans are favored to retain control over the Senate, as Democrats would have to win both undecided races to make Vice President-elect Kamala Harris the tie-breaking vote in the chamber. ...

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Biden’s win boosts the Chinese yuan, but the Trump effect will be more lasting

The Chinese yuan, which has steadily strengthened this year, spiked even further in the days leading up to and after Joe Biden’s projected election victory. Analysts have flagged that a Biden win is likely to be more bullish for the Chinese currency. And indeed, investors seem to think so. As Biden’s victory seemed to grow increasingly likely last week, the offshore yuan rallied to below the 6.60 mark. It hit a 28-month peak on Monday after he became the projected winner and appreciated even further after. “Ostensibly, (offshore yuan) reactions ...

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Yen rebound resumes, Aussie gains, as markets weigh risk from COVID-19 wave

The safe-haven Japanese yen and Swiss franc strengthened on Friday, as the threat of a new COVID-19 wave in the United States and Europe chilled the increased risk appetite that had been driven by promising vaccine news earlier this week. At 104.615 yen, the dollar had lost 0.46% against the Japanese currency on Friday morning in New York. The yen dropped around 2% versus the dollar on Monday. The Swiss franc firmed to 0.9132 against the dollar, after trading at 0.9192 mid-week. The dollar slipped 0.23% against a basket of ...

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Top emerging-market companies’ dollar debt maturities in coming year

Emerging-market non-financial companies have about $88.5 billion (67.2 billion pounds) worth of dollar bonds maturing by the end of 2021, data from Refinitiv Eikon showed. The COVID-19 pandemic has severely affected emerging-market corporate profits this year. That could make it hard for some of them to service debt maturing next year. China’s real estate firms lead the pack, with higher amounts of dollar debt maturing in 2021. Property developer China Evergrande Group 3333.HK has about $2.8 billion worth of dollar bonds maturing in 2021. Sunac China Holding 1918.HK has $1.3 ...

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Dollar falls as vaccine boost fades; yen set for worst week since March

The dollar slipped on Friday and risk appetite in currency markets eased, as worries about the economic fallout from surging COVID-19 cases in Europe and the United States tempered initial enthusiasm about a possible vaccine. Global markets surged on Monday after Pfizer Inc PFE.N said its experimental vaccine is more than 90% effective – news which saw the dollar rise as traders quit their long-yen positions. But traders became more risk-averse on Thursday and Friday, after the heads of the Federal Reserve and the European Central Bank stressed that the ...

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Dollar flat, euro bumps higher as sentiment see-saws

The dollar held steady on Thursday as investors were cautious over expectations about a COVID-19 vaccine that is unlikely to avert a grim winter in the United States and Europe as the pandemic’s latest wave intensifies. The dollar index was up 0.01% in New York, after having rebounded a little in London from lows during Asia trading. The latest U.S. weekly jobless claims report did not budge the dollar when it came out on Thursday morning. The report showed the pace of decline in claims had slowed to 709,000 compared ...

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Dollar steadies as vaccine enthusiasm fades, COVID-19 cases rise

The dollar steadied on Thursday as investors tempered bullish expectations about a COVID-19 vaccine that is unlikely to avert a grim winter in Europe and the United States as the pandemic’s second wave intensifies. The dollar index USD= hovered between 0.1% higher and flat during early deals in Europe, while the risk-sensitive Australian and New Zealand dollars ground about 0.2% lower. The euro EUR= gained 0.1%. Europe is already grappling with surging infections and new social restrictions, with Germany’s economic advisers trimming next year’s growth outlook. New York has ordered ...

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