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Daily Currencies Ratings

‘Perfect storm’ lifts dollar over unsettled markets

A grinding rally in the dollar is picking up speed, fueled by a hawkish tilt from the Federal Reserve, rising Treasury yields and concerns over the possibility of a drawn-out battle to raise the U.S. debt ceiling. The greenback is up 4.7% year-to-date and stands near its highest level in a year against a basket of currencies. Net bets on the dollar in futures markets are at a more than 18-month high, according to data from the CFTC. Because the dollar is the world’s dominant currency, its trajectory can have ...

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U.S. Fed navigates policy minefield with impending digital dollar report

The U.S. Federal Reserve board will soon issue a hotly-awaited report exploring the potential adoption of a digital dollar, but with its governors and other policymakers divided on the issue – and with so much at stake for the financial industry – the central bank will likely tread carefully. Worried that an explosion in cryptocurrencies could weaken their grasp on the economy, central banks from China to Europe are exploring issuing their own digital currencies (CBDCs), and the Fed is under growing pressure to catch up. Unlike cryptocurrencies which are ...

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Dollar heads for best week in months as Fed tightening eyed

The dollar began the last quarter of 2021 near its highest levels of the year, and was headed for its best week since June as investors expected a hawkish-sounding Federal Reserve to lift U.S. interest rates sooner than its major peers. Cautious market sentiment due to COVID-19 concerns, wobbles in China’s growth and a Washington gridlock ahead of a looming deadline to lift the U.S. government’s borrowing limit also lent support to the dollar which is seen as a safe-haven asset. The dollar index =USD stood at 94.287, having gained ...

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Dollar near 1-year high as Fed tightening in focus, Aussie climbs

The greenback hovered near a one-year high versus major peers on Thursday as expectations mounted that the Federal Reserve will taper stimulus from November, while the commodity-linked Aussie dollar benefited from a bounce in iron ore prices. The safe-haven dollar has made sharp gains over the last two sessions on concern the Fed could withdraw economic support as global growth slows and high inflation is high. Spiking bond yields added to the currency’s firmness. Its rise is despite an impasse in Washington over the U.S. debt ceiling that threatens to ...

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Dollar at 2021 highs as traders brace for Fed taper

The dollar stood at its strongest levels of the year on Wednesday, after rising along with U.S. yields on investor concerns that the Federal Reserve will start to withdraw policy support just as global growth slows. The euro EUR=EBS fell to $1.1657, its lowest since November 2020 and the dollar index =USD rose to an 11-month high of 93.891. The yen, which is sensitive to U.S. yields as higher rates can draw flows from Japan, touched an 18-month low of 111.685 per dollar JPY=EBS, before rebounding a fraction to 111.47. ...

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Central bank digital currencies can slash cross border payment time

Central bank digital currencies (CBDCs) can slash the time needed for cross border payments to seconds from days and cut costs, the Bank of International Settlements (BIS) said, citing a pilot scheme to test the digital forms of fiat currencies. The trial showed cross border transactions could be made in a few seconds, instead of three to five days, as CBDCs help skirt complicated arrangements under which payments are passed via a network of banks, the BIS said in a report on Tuesday. CBDCs also helped reduce costs by up ...

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Rising U.S. yields push dollar higher; yen falls to three-month low

The U.S. dollar rose to its highest in more than five weeks and the Japanese yen dropped versus both dollar and euro, as rising U.S. and European government bond yields made their currencies more attractive to Japanese buyers. U.S. Treasury yields have surged since the end of last week, after the Federal Reserve said it will likely begin reducing its monthly bond purchases as soon as November and hinted that interest rate hikes may follow more. The Japanese yen is the G10 currency most correlated with U.S. two-year and 10-year ...

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Risk FX rallies, safe havens offered as Evergrande fears ebb

The risk-sensitive Australian dollar rallied and the safe-haven yen dipped to a nearly three-month low on Monday, as fears of widespread market contagion from indebted China Evergrande Group receded. Rising commodity prices also helped the Aussie and Norway’s crown, while the yen was pressured as higher U.S. yields attracted Japanese investor money. The euro traded little changed at $1.17205, largely ignoring developments in German elections at the weekend, with the Social Democrats projected to narrowly defeat the CDU/CSU conservative bloc. The dollar index, which measures the U.S. currency against six ...

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Dollar hovers above one-week low as Evergrande questions persist

The dollar hovered above a one-week low versus major peers on Friday, taking a breather after its biggest drop in almost a month overnight, as questions lingered about the fate of property developer China Evergrande Group. The yen fell to its weakest since mid-August as Treasury yields pushed to the highest since the start of July. The dollar index, which measures the greenback against a basket of six rivals, rose 0.08% to 93.175 after sliding 0.36% on Thursday and touching the lowest since Sept. 17 at 92.977. That erased gains ...

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Dollar smiling from ear to ear

Whether investors run for the hills or not after the past week’s stock market shakeout, the episode provides a glimpse of where to run for cover – and the U.S. dollar came up trumps. Dollar cash has routinely provided a haven during moments of global funding stress in the past – most recently as the coronavirus pandemic unfolded in March of last year. The anxiety about a likely debt default by giant real estate firm China Evergrande – and even feared ripple effects across regional property firms, high-yield debt markets ...

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Asian shares perk up but Evergrande jitters keep investors on edge

Asian shares made cautious gains on Thursday, supported by some positive news from cash-strapped developer China Evergrande Group 3333.HK, while the dollar held near a one-month top after the U.S. Federal Reserve took a hawkish tilt overnight. However, nerves were still frayed about Evergrande’s future and the country’s property sector as a whole, with a major test looming on Thursday when $83.5 million in dollar-bond interest payments by the company were due. “It’s a long way to go yet in terms of this being resolved,” said Kerry Craig, global market ...

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Calmer world markets outweigh hawkish Fed, send dollar lower

The dollar slipped on Thursday off one-month highs reached after the Federal Reserve set the stage for interest rate hikes next year and a pick-up in global market sentiment encouraged traders to foray out of the greenback. The Fed headlined a week of central bank meetings that will likely see Norway become the first developed nation to raise interest rates since the pandemic. The Fed too struck a hawkish tone, setting the stage to start tapering bond purchases in November and at a faster pace than analysts had anticipated. Nine ...

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Risk-sensitive currencies perked up by Evergrande, dollar anchored before Fed

Risk-sensitive currencies such as the Australian dollar and Chinese yuan jumped and the safe-haven yen eased slightly on Wednesday after Chinese property giant Evergrande said it would make an upcoming yuan bond coupon payment, allaying immediate fears of a default. Some of the excitement fizzled, however, after traders realised it was still not known whether the developer would be able to pay the coupon on its offshore dollar bonds, due on Thursday. The Australian dollar rose as much as 0.49% to $0.7268 before giving up part of the gains to ...

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How a week of intense central bank activity can impact G10 currencies

This week, six of the G10 central banks announce monetary policy. In this article we provide a short preview of the meetings and the implications for the affected G10 currencies. We summarise our views in the table below, where we also provide the expected ranges for the relative currency pairs and the end-of-the-week break-even on FX straddles, which is a gauge of how wide the options market is expecting to move those pairs. It must be noted that, considering the very risk-off tone that is dominating markets at the start ...

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Dollar slips from one-month high as equity futures bounce

The U.S. dollar stepped back from a one-month high tested overnight as equity market futures moved higher on Tuesday, while investors, bracing for a potential default by property developer China Evergrande, sought safety in the yen. Default fears continued to stalk China Evergrande Group despite efforts by its chairman to lift confidence in the embattled property company. Financial markets looked for possible intervention by Beijing to stem any domino effects across the global economy. “With no signs of a possible solution on the horizon, we see the case for the ...

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