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Daily Currencies Ratings

Sterling calm vs euro, overnight implied volatility soars to highest since March

Trading in the British pound was relatively calm on Tuesday as the currency stayed neutral against the euro and rose versus the broadly weaker U.S. dollar on the day of the U.S. presidential election. Traders are waiting to see in which direction to take sterling as the post-election fate of the greenback will most likely partly govern the British currency. Another element which could take the pound swinging either way is Britain’s imminent departure from the European Union. Over in the derivatives market, however, sterling overnight implied volatility gauges rose ...

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Dollar gains as investors cautious before U.S. election

The U.S. dollar hit one-month highs against a basket of peers on Monday and expected volatility in major currencies rose to the highest levels since April on investor jitters over the outcome of Tuesday’s U.S. presidential election. The dollar has strengthened in the past week as risk sentiment soured, with investors reducing positions due to uncertainty over the result. “The move we saw last week was a pretty broad derisking and I think that makes a lot of sense; people are naturally skeptical about any sort of prognostication with regards ...

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Euro, yen implied volatility highest since April as traders prep for US election

One-week implied volatility gauging levels in the euro and the Japanese yen rose to their highest since beginning of April, reflecting traders’ angst ahead of the U.S. election on Tuesday. The U.S. dollar rose on Monday as investors prepared for the presidential election, while a surge in global coronavirus cases continued to weigh on sentiment. The greenback held onto gains after posting its largest weekly percentage rise since late September in the previous trading session. “Volatility is rising because liquidity for hedges around the election is very thin, everyone’s the ...

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Analysis: As China’s yuan becomes a Biden election play, PBOC pushes back

Speculative bets that Joe Biden will win the White House on Nov. 3 and bring a steadier tone to rocky Sino-U.S. relations have turbocharged the strongest yuan rally in years, and Chinese authorities have started pushing back. In recent weeks, the People’s Bank of China (PBOC) has cut the cost of shorting the currency and tweaked how it sets its trading range to remove barriers to declines. Chinese state banks have been selling yuan late at night. Those efforts follow five straight months of yuan gains, driven by resilient exports ...

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Dollar gains on U.S. election caution, surging COVID-19 cases

The safe-haven dollar rose to a four-week high on Friday, moving within narrow ranges, amid jitters ahead of next week’s U.S. presidential election and the continued surge in global coronavirus cases that has forced lockdowns in parts of Europe. The greenback posted its largest weekly percentage gain since late September, with investors scooping up dollars due to fears of a contested election and the economic impact of renewed lockdowns in France, Germany and some regions of Spain. The United States recorded its 9 millionth case on Friday, nearly 3% of ...

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Commodity currencies slide on oil, dollar braces for election

The main commodity currencies took another spill on Friday, capping what for some was set to be their worst week since the March COVID collapse, while volatility gauges climbed ahead of next week’s U.S. election. With Brent already down 10% for the week and still sliding, traders seemed ready to sell anything linked to crude. Russia’s rouble dropped 0.5% to near 80 per dollar on course for a 4% weekly drop. Norway’s crown was down at 9.57 per dollar after a near 3.5% skid, while Canada’s dollar was facing its ...

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Euro skids to four-week low after ECB signals further easing

The euro dropped to a four-week low against the U.S. dollar on Thursday after the European Central Bank president flagged further monetary easing in December. The dollar also climbed to a three-week high against the Swiss franc, and rallied from a five-week trough versus the yen. Data showing record pace in U.S. economic growth for the third quarter, as well as an improving trend in jobless claims initially hurt the dollar as a safe haven, as the reports boosted risk appetite and lifted stocks. But positive data should help the ...

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Dollar stabilises as Europe’s new lockdowns keep risk appetite subdued; ECB in focus

The dollar edged up slightly on Thursday and riskier currencies remained subdued, with markets worried about Europe’s second wave of coronavirus infections and cautious ahead of the European Central Bank’s meeting. Rapidly rising COVID-19 infection rates in Europe, along with caution ahead of the U.S. elections, triggered the worst market sell-off since June earlier this week. France and Germany ordered their countries back into lockdown, after Europe’s death rate jumped 37% last week. “The safe haven currencies of the US dollar, yen and Swiss franc have been boosted by building ...

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U.S. dollar gains on surge in COVID-19 cases, lockdowns in Europe

The safe-haven dollar rose on Wednesday, pushing the euro to one-week lows, on news of lockdowns in Germany and France as coronavirus cases surged, with implied volatility gauges in the European currency and the yen hitting multi-month highs as traders positioned for next Tuesday’s U.S. election. Germany decided to shut bars and restaurants for a month and France prepared to tighten controls on movement as the pandemic surged across Europe and financial markets tumbled at the likely cost of a second lockdown. The European Commission proposed a series of new ...

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Sterling rises as dollar weakens; Brexit talks in focus

Sterling rose 0.4% on Tuesday afternoon on a weak U.S. dollar, while rising hopes of a trade deal between the European Union and Britain helped the currency strengthen against the euro. For most of the day, the British pound traded flat against the dollar and euro as most traders focused on the ongoing Brexit negotiations. European Union chief negotiator Michel Barnier resumed talks in London with his British counterpart on Tuesday as the two sides tried to strike a last-minute trade agreement less than 10 weeks before the United Kingdom ...

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China asks banks to suspend counter-cyclical factor in yuan fixing – sources

China’s central bank has neutralized the counter-cyclical factor in its daily yuan midpoint fixing, two sources with direct knowledge of the matter told Reuters, in a move to let the fixing more closely reflect actual currency market moves. The offshore yuan CNH=D3 slipped about 0.2% against the dollar to an almost two-week low of 6.7236 per dollar after Reuters reported the move. The Chinese currency has strengthened against the dollar over recent months as foreign capital inflows have sped up and economic fundamentals have improved. The onshore yuan CNY=CFXS has ...

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Dollar holds firm on COVID-19 woes and U.S. election uncertainty

The U.S. dollar clung to gains on Tuesday, but other safe-haven currencies were mostly quiet as investors sat on the sidelines ahead of next week’s U.S. election, even as worries about a second wave of COVID-19 and economic impact rose. Monday saw the steepest stock market sell-off in a month and a bond rally, but foreign exchange market activity has remained relatively muted, with price moves in early Tuesday limited. That said, analysts warned investors were clearly cautious after the United States, Russia and France all hit new daily records ...

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Dollar gains in surge in COVID cases, U.S. stimulus worries

The U.S. dollar advanced on Monday, rising for a second straight session, bolstered by safe haven bids amid surging coronavirus cases in Europe and the United States as well as a lack of progress on a U.S. stimulus package. The United States, Russia and France set new daily records for new COVID-19 infections as a second wave swelled across parts of the Northern Hemisphere, forcing some countries to impose new curbs. Spain announced a new state of emergency and Italy has ordered restaurants and bars to shut by 6 p.m. ...

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Dollar rises vs risky currencies as coronavirus surges, U.S. stimulus hope fades

The dollar gained on Monday, as surging coronavirus cases in Europe and the United States and a lack of progress on a U.S. stimulus package made traders cautious. U.S. House Speaker Nancy Pelosi said on Sunday that she expected a White House response on Monday to the latest stimulus plan, but there is little evidence a deal is close. The United States has recorded its highest number of new COVID-19 cases for two consecutive days. So has France. Spain announced a new state of emergency and Italy has ordered restaurants ...

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Sterling set for weekly gain, even after PMI slip

The pound fell against the dollar and euro on Friday after the UK Purchasing Managers’ Index (PMI) fell to a four-month low, but was still set to end the week up, after a new phase of intense Brexit talks restarted. The pound gave up some recent gains after an early flash PMI reading – a gauge of private sector growth – fell to a four month low of 52.9 in October from 56.5 in September. Britain’s economic recovery from the COVID-19 shock was already beginning to falter in August. Since ...

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