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Daily Currencies Ratings

FOREX-Kiwi plunges after new virus case prompts lockdown; U.S. dollar up

The New Zealand dollar tumbled to its lowest in nearly three weeks on Tuesday after the country identified its first COVID-19 case since February, prompting the government to announce new short-term lockdown measures. The currency fell sharply in early Asian trading hours, extending losses around 0630 GMT when Prime Minister Jacinda Arden said that Auckland – where the case was reported – would go into lockdown for seven days, while New Zealand as a whole will have the toughest level of lockdown for three days. At 0728 GMT, the New ...

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FX Daily: Geopolitical turmoil adds pressure to a fragile risk environment

USD: Plenty of reasons to stay bullish in the near-term Geopolitical developments in Afghanistan over the weekend are dominating the world’s headlines but it is probably too early to assess what could be the fall-out in the FX market. Normally, geopolitical tensions fuel runs for safety and benefit the safe-haven USD, JPY and CHF. For now, those developments are likely exacerbating an already fragile risk appetite, and indeed the JPY and USD have started the week on the front foot. Away from geopolitics, it will be a week (as discussed ...

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Dollar trims recent losses after weak China data

The dollar crept higher on Monday as disappointing economic activity data from China helped the greenback claw back some recent losses after a shocking slump in consumer sentiment on Friday weakened the U.S. unit. Against a basket of other currencies, the greenback edged higher to 92.60 after falling to a one-week low of 92.468 on Friday. Its gains were the most pronounced against the Chinese yuan and the Australian dollar, against which it advanced 0.1% and 0.6% respectively. But currencies stuck to broad trading ranges as investors were wary of ...

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Dollar set for second weekly gain on Fed view

The U.S. dollar edged higher on Friday, on track for a second consecutive weekly gain versus its major rivals, as investors weighed the possibility of the Federal Reserve announcing its plans to reduce its stimulus in the coming weeks. Data on Thursday showed U.S. producer prices posted their largest annual increase in more than a decade in the 12 months through July. While the data comes a day after consumer price data that indicated inflation may be peaking, analysts said producer price data helps the case for removing some of ...

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Dollar off four-month high as inflation jitters ease

The dollar stood just below a four-month peak against major peers on Thursday as currency traders digested data from the previous day showing U.S. inflation may be coming off the boil. The dollar index, which measures the greenback against a basket of six rivals, was little changed at 92.907, after edging 0.2% lower on Wednesday following the report of easing consumer price growth. The greenback has broadly strengthened since mid-June – hitting its highest since April 1 at 93.195 prior to Wednesday’s data – when the U.S. Federal Reserve flagged ...

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Further U.S. Fiscal Stimulus Would Likely Keep Dollar Strong

The prospect of further U.S. fiscal stimulus will help maintain a strong dollar, MUFG Bank says. “Overall, we continue to believe that looser fiscal policy has proved important in supporting a stronger U.S. economy recovery,” MUFG currency analyst Lee Hardman says. The U.S. Senate on Tuesday passed a $1 trillion bipartisan infrastructure spending bill. The bill now will head to the House of Representatives where it could face some opposition from lawmakers who have said they would withhold support until the Senate passes a separate $3.5 trillion package focused on ...

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Dollar hits highest since April ahead of inflation test

The dollar headed towards this year’s high against the euro on Wednesday and struck a five-week peak against the yen ahead of U.S. inflation data, with a strong number potentially pressuring the Federal Reserve to wind back policy support. The greenback has enjoyed a lift from last week’s impressive U.S. jobs data and from remarks by Fed officials about tapering bond purchases and, eventually, raising rates, sooner than policymakers elsewhere. Six straight sessions of gains against the euro sent the common currency to its lowest since late March on Tuesday. ...

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Dollar hits 4-month high against euro on Fed taper talk

The dollar hit a four-month high versus the euro on Tuesday after upbeat U.S. jobs data bolstered expectations that the Federal Reserve could soon start tapering its massive bond-buying programme. Analysts said the dollar was getting support from rising U.S. bond yields, as the prospect of reduced Fed stimulus weakened bond prices. U.S. job openings, a measure of labour demand, hit a record high in June while hiring also increased, the Labor Department said in a monthly survey on Monday. That followed Friday’s non-farm payroll report showing jobs increased by ...

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Dollar cements rebound after jobs data triggers tapering bets

The dollar hit a four-month high against the euro on Monday, reversing a recent fall after strong labour market data encouraged investors to bring forward their bets on the Federal Reserve reducing its pandemic-era stimulus. The greenback strengthened as far as $1.1742 to the single currency EUR=EBS, extending a 0.6% pop from Friday, when a strong U.S. jobs report stoked bets that a reduction in asset purchases could start this year and higher interest rates could follow as soon as 2022. It later settled at $1.1761. Against a basket of ...

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China’s July forex reserves rise to $3.236 trillion

China’s foreign exchange reserves rose more than expected in July, official data showed on Saturday, likely due to changes in the value of currencies and global assets that it holds. The country’s foreign exchange reserves – the world’s largest – rose by $21.88 billion to $3.236 trillion last month, compared with $3.217 trillion tipped by a Reuters poll of analysts and $3.214 trillion in June. Foreign inflows into Chinese stocks and bonds have been strong as China led other major economies in its recovery from the coronavirus pandemic, lifting reserves ...

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Sterling holds near four-month high vs euro

The pound was steady on Friday, holding close to the four-month high it reached versus the euro on Thursday after the Bank of England set out plans for how it would tighten monetary policy. The central bank’s message was slightly hawkish: the monetary policy committee voted 7-1 to maintain the pace of its government bond-buying, even though it expects inflation to jump to 4.0% around the end of the year. But it also said that “some modest tightening” of monetary policy over its three-year forecast period was likely to be ...

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Dollar holds gains after hawkish Fed comments

The dollar held most gains against basket of currencies on Thursday after hawkish comments from the U.S. Federal Reserve led markets to move forward the likely timing of a policy tightening. The euro ticked higher at $1.1848, having recoiled from a top of $1.1899 overnight after failing to crack resistance around $1.1910. The dollar also reached 109.75 yen, from a trough of 108.71 on Wednesday, negating what had been a bearish break to the downside. On Wednesday, Fed Vice Chair Richard Clarida said conditions for an interest rate hike could ...

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Dollar trades near recent lows; kiwi climbs

The dollar traded near recent lows on Wednesday as investors awaited U.S. jobs data for a guide on the outlook for interest rates. The greenback has lost some ground against major rivals over the past two weeks, on warnings from the U.S. Federal Reserve that the job market still had “some ground to cover” before it eases stimulus, training eyes on jobs data. But it is still up around 2% overall since a Fed meeting in June at which the central bank flagged it was gearing up for sooner-than-expected rate ...

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FX Daily: Making sense of range-bound trading

USD: Not finding direction The first day of a rather crowded week likely opened more questions than offering answers to a market that is responding to inputs in a bit of an unconventional way. China’s opening for discussions with the US on overseas regulations let Asian equities rebound, but markets still need to fully digest what the implications of Beijing’s regulatory crackdown will be and whether this will be a new ground for Sino-American diplomatic spats. On the data side, a contraction in the ISM Manufacturing index highlighted once more ...

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Sterling edges higher; market optimistic about UK COVID-19 outlook

Sterling rose in early London trading on Tuesday, helped by recent falls in COVID-19 infections in Britain and optimism around Britain’s easing of lockdown restrictions. After most lockdown measures in England were dropped in July, the pound had a rebound, reaching as high as $1.39835 at the end of the month. Since then it has stayed mostly above $1.39. At 0801 GMT on Tuesday, sterling was up 0.2% on the day versus the dollar, at $1.39125. Versus the euro, it was also 0.2% stronger, at 0.85365. Lee Hardman, currency analyst ...

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