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Daily Currencies Ratings

China’s January yuan loans seen at record high, central bank to cool credit growth in 2021

China’s new bank loans are expected to surge to a record high in January on a seasonal boost, a Reuters poll showed, while credit growth may be constrained by some marginal tightening of monetary policy as the central bank focuses on preventing risks. Chinese banks tend to front-load loans at the beginning of the year to get higher-quality customers and win market share. Chinese banks are estimated to have issued 3.5 trillion yuan ($542.06 billion) in net new yuan loans last month, up from 1.26 trillion yuan in December, according ...

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“Dollar smile” meets “dollar short”; greenback bounce threatens bears

An unexpected dollar bounce and some indications of a broader resurgence are confounding market players who took bearish positions on the U.S. currency on a bet that it was headed for a multi-year downtrend. Given the volume of global investment and commercial trade flows that hinge on dollar strength or weakness, getting the exchange rate correct is one of the most crucial calls a fund manager can make. According to one fund manager, the dollar could be about to complete a trading pattern known as the “Dollar Smile,” which has ...

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Dollar steadies after losses on payrolls

The dollar steadied against major currencies on Monday as traders waited for more data on the U.S. economy, after a disappointing jobs report last week ended a rally in the greenback. The euro was little changed against the dollar, after data showed German industry avoided a contraction in December. Despite coronavirus lockdowns at home and abroad, demand from China helped export-oriented manufacturers in Europe’s largest economy weather the COVID-19 pandemic. Speculators have been reducing short positions in the dollar, but some analysts say better U.S. economic data and continued progress ...

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Take Five: Dollar signs

1/GREENBACK GAIN The dollar bounce is confounding some who bet on a multi-year downtrend. Fed officials’ bullish prognoses for 2021 growth and Democrats’ determination to push through big-time stimulus may herald more gains. U.S. data hints at an economic rebound gathering steam — jobless benefit claims have declined three weeks straight, factory orders beat expectations and fourth-quarter corporate earnings bucked earlier gloomy forecasts. Inflation numbers on Wednesday will show if core CPI can continue to top expectations. But dollar gains are euro woes. Comprising over half the dollar’s index, the ...

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Speculators’ bearish bets on U.S. dollar fall: CFTC, Reuters data

Speculators’ net bearish bets on the U.S. dollar fell to a 7-week low in the latest week, according to calculations by Reuters and U.S. Commodity Futures Trading Commission data released. The value of the net short dollar position was $29.95 billion for the week ended Feb. 2, compared with a net short position of $33.81 billion for the prior week. U.S. dollar positioning was derived from net contracts of International Monetary Market speculators in the Japanese yen, euro, British pound, Swiss franc, and Canadian and Australian dollars. In a wider ...

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Dollar on course for best week in three months

The dollar headed for its best weekly gain in three months on Friday, lifted by growing confidence that the U.S. economic recovery will outpace its global peers. The dollar index touched a two-month high in Asian trade amid signs of resilience in the labour market, with closely watched U.S. nonfarm payroll figures due later. It retreated in early London deals. The dollar greenback also renewed highs versus the euro and yen during Asian trade, although both currencies recouped their losses in European trade. “The U.S. economy is exceptionally strong relative ...

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Dollar edges higher on economic optimism, sterling eyes BoE

The dollar edged toward its strongest in more than two months against the euro and the yen on Thursday as pessimism about the U.S. economic outlook receded before the release of important data on the jobs market. The British pound fell against the dollar but traded near an eight-month high versus the euro ahead of a Bank of England policy meeting that will publish findings on the feasibility of negative interest rates. Sentiment for the dollar has improved recently as progress in coronavirus vaccinations, moves by U.S. President Joe Biden ...

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Euro hovers near two-month lows against dollar

The euro traded near a 2-month low against the dollar on Wednesday, as investors looked to a widening disparity between the strength of U.S. and European pandemic recoveries. The view was bolstered by moves in Washington toward fast-tracking more stimulus spending that contrasted with concerns about extended European lockdowns and expectations for a decline in euro zone growth this quarter. The single currency was little changed at $1.2036 against the dollar, in early London deals, after strengthening to $1.20115 overnight for the first time since Dec. 1. While bond and ...

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Euro should be global standard for hydrogen trades, EU says

The European Union will seek to establish the euro as the reference currency for international hydrogen trading as it makes a dash for clean energy sources, the bloc’s energy policy chief said. The EU plans to massively expand renewable energy and hydrogen production this decade, as it seeks to become “climate neutral” by 2050 – meaning the 27-country bloc will emit no more greenhouse gases than it takes out of the atmosphere. One of the European Commission’s goals is to have by 2030 40GW of electrolysers – equipment that uses ...

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Euro at 7-week lows as economic outlook darkens; yen slips

The euro struggled at seven-week lows against the U.S. dollar on Tuesday as concerns about extended lockdowns dampened sentiment towards the single currency. Data showed retail sales in Germany, Europe’s biggest economy, plunged by more than forecast in December, amplifying concerns that the euro zone is set for a double-dip recession in the first quarter of 2021. “Things are looking even more depressing here,” Commerzbank strategists said in a daily note. “The German retail sales for December disappointed massively, presenting a first taste of how the service sector is suffering ...

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Dollar falters as stocks rally, risk currencies gain

The dollar sank as global stock markets rallied on Monday, while riskier currencies such as the British pound, the Australian dollar and New Zealand dollar rose. The Japanese yen halted three consecutive days of losses, gaining on the dollar after hitting its lowest in over two months last week. The U.S. currency declined against most of its peers as Asian and European stocks rallied following four days of losses. Earlier the greenback had found support as traders remained wary that retail investors who had organised online might continue their assault ...

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ECB’s digital euro could run on instant payment platform, Visco says

The European Central Bank is exploring ways of using its instant payment platform to launch a digital euro, ECB policymaker Ignazio Visco said. The ECB is among major central banks around the world studying digital versions of their currencies to address demand for electronic means of payment and fend off competition from private tokens such as Bitcoin and Facebook’s proposed Diem. Visco said a digital euro, if and when it launches, could run on TIPS, the European Infrastructure for the Settlement of Instant Payments developed by the Bank of Italy ...

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Dollar rally fizzles despite retail-trading jitters, yen falls sharply

The dollar’s rally fizzled on Friday and risk-sensitive currencies recovered as nervousness about an assault on hedge-fund equity short positions in the United States eased in foreign exchange markets, while the yen dropped sharply. The moves in FX markets were measured but the earlier buying of dollars underscored that concerns about the wild swings in stock prices had worried traders in currency markets. The big mover of the day was the Japanese yen, which hit a two-week low versus the dollar and a nearly three-year low against the Swiss franc. ...

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Dollar gains as retail trading frenzy rattles investors

The dollar gained and risk-sensitive currencies fell on Friday after an assault on hedge-fund equity short positions in the United States rattled investor confidence and boosted demand for safe-haven currencies. The moves in foreign exchange markets were measured, with the dollar still within recent trading ranges, but the buying of dollars underscored that concerns about the wild swings in stock prices was felt across markets. The dollar has benefited from safety buying since the start of the week, when investors fretted that President Joe Biden’s fiscal spending package would not ...

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Risk currencies hit as souring sentiment boosts dollar

Riskier currencies such as the commodity-linked Australian dollar, Canadian dollar and the Norwegian crown fell to multi-week lows against the U.S. dollar on Thursday, as souring risk sentiment in global markets boosted the greenback. Falling stocks on Wall Street on Wednesday, in Asia overnight, and at the open in Europe contributed to a shift in sentiment. By 0852 GMT, the dollar was trading 0.14% higher against a basket of currencies. It gained against the Aussie, which lost as much as 0.8% to 76.02 U.S. cents, its lowest level against the ...

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