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Daily Currencies Ratings

Global sell-off, BoE uncertainty, gas prices push sterling lower

Sterling hit a one-month low against the dollar on Monday as a global sell-off prompted by China’s struggling Evergrande hit risk-oriented currencies while uncertainties about the Bank of England’s monetary policy and surging gas prices also weighed. At 0827 GMT, the pound was about 0.5% lower against the dollar at $1.3662, its lowest level since Aug. 23. Versus the euro, sterling was down 0.32% at 0.8561 pence, a low not reached since Sept. 9. A sell-off in Asia where the world’s most indebted property developer China’s Evergrande plunged to over ...

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Safety flows extend dollar rally ahead of Fed

The dollar rallied to a month-high in Asia on Monday as looming catastrophe at indebted developer China Evergrande added extra nerves to a cautious mood, with investors bracing for the Federal Reserve to take another step towards tapering this week. In trade thinned by holidays in Japan, China and South Korea, the euro EUR=EBS fell 0.1% to $1.1710, its lowest since late August. The Australian dollar AUD=D3 fell 0.5% to a three-week low of $0.7227 while sterling GBP=D3 and the kiwi NZD=D3 also hit multi-week troughs on the rising greenback. ...

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China will steadily promote yuan internationalisation in 2021, c.bank says

China will “steadily and prudently” promote yuan internationalisation in 2021, and further develop offshore yuan markets, the central bank said on Saturday. Cross-border settlements in the local currency totalled 28.39 trillion yuan ($4.39 trillion)in 2020, up 44.3% from the previous year, the People’s Bank of China said in its 2021 yuan internationalisation report. Cross-border yuan settlements accounted for 46.2% of the overall cross-border settlements, hitting a record high, the central bank said. Cross-border settlements in foreign trade reached 4.78 trillion yuan last year, up 12.7% from 2019, the central bank ...

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Pound hesitates in face of early BoE hike

Although markets have become increasingly aggressive in pricing a UK interest rate rise as soon as next May – several months at least before the United States or euro zone – sterling seems reluctant to follow. Bank of England policymakers meet next week and, according to governor Andrew Bailey at least, they are split evenly on whether the basic conditions for lifting the central bank’s main interest rate from its historic low of 0.1%. Britain’s annual inflation rate raced more than a percentage point above the BoE’s 2% target in ...

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Dollar holds near three-week high after U.S. retail sales boost

The dollar held near three-week highs on Friday after better-than-expected retail sales numbers in the United States boosted bets on the strength of the U.S. economy and earlier monetary policy tightening. By 0720 GMT, the euro had pulled itself into positive territory but at $1.1783 remained close to a three-week low EUR=EBS. U.S. retail sales unexpectedly increased in August, rising 0.7% from the previous month despite expectations of a 0.8% fall, while a business sentiment survey by the Philadelphia Fed also showed a big improvement. The figures helped to curb ...

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Dollar edges up as focus turns to Fed for taper clues

The dollar traded near the middle of its range of the past month versus major peers on Thursday, as traders looked to next week’s Federal Reserve policy meeting for indications on how soon the U.S central bank will start to taper stimulus. The dollar index =USD, which measures the currency against six rivals, was 0.2% higher at 92.626, little changed from Wednesday. It reached a two-week high of 92.887 at the start of the week, only to drop to a one-week low of 92.321 on Tuesday after a softer-than-expected inflation ...

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Dollar drifts after soft inflation, Chinese data weighs on Asian currencies

The dollar held recent ranges against peers on Wednesday after softer-than-expected U.S. inflation figures tempered immediate expectations about Federal Reserve tapering while disappointing Chinese data weighed on the yuan and Aussie. The dollar index =USD stood at 92.632, little changed from Tuesday, when it dropped following the inflation data only to recover on haven demand as stocks slid on Wall Street. The index has meandered between 92.3 and 92.9 over the past week as several Fed officials have suggested the U.S. central bank could reduce its buying of debt securities ...

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ECB’s Weidmann wants digital euro to start small

A digital euro, currently under design by the European Central Bank, should have a limited role initially as it could disrupt the bank sector and overly extend the role of central banking, Bundesbank President Jens Weidmann said on Tuesday. “A gradual approach might make sense given the risks involved – that means a digital euro with a specific set of features and the option to add further functionalities later,” Weidmann told a conference. The ECB gave the digital euro a green light earlier this summer but the actual launch of ...

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Dollar steadies below 2-1/2 week high before inflation data; Aussie swoons

The U.S. dollar steadied below a 2-1/2-week high that was hit in the previous session, as investors braced for inflation data that might offer clues on the timing of policy tightening by the Federal Reserve at a meeting next week. Before the Federal Reserve’s policy review on Sept 21-22, investors are looking closely at U.S. consumer price data due at 1230 GMT. Economists expect core consumer price inflation (CPI), an index which strips out volatile energy and food prices, to have risen 0.3% in August from July. “A strong release ...

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Dollar hits two-week high as Fed tapering expectations grow

The dollar stengthened to a two-week high versus a basket of major currencies on Monday as market expectation builds that the Federal Reserve could taper its stimulus sooner rather than later despite a surge in COVID-19 cases. The dollar index rose 0.3% to 92.880 in early European trading hours, its highest level since August 27. It was last up 0.2%. A flurry of U.S. economic data is due out this week, starting with U.S. consumer price data on Tuesday, which will frame the economy’s progress ahead of the Federal Reserve’s ...

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New York extends post-Brexit gains in euro swaps trading

New York has increased its market share in trading euro interest rate swaps at London’s expense, data group OSTTRA said on Thursday, in the latest sign of how global financial markets are being permanently fragmented by Brexit. Trading in euro rate swaps began leaving London for the European Union and United States after Britain fully left the bloc on Dec. 31. EU banks could no longer trade euro swaps in London and must use a platform in the bloc or those approved by EU regulators, such as in the United ...

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Yuan, risk currencies cap dollar gains after Sino-US talks

The dollar edged lower on Friday as pro-growth currencies gained following a rise in the Chinese yuan to a one-week high on news that U.S. President Joe Biden and Chinese leader Xi Jinping spoke for the first time in seven months. In a statement, the White House said Biden and Xi had “a broad, strategic discussion”, including areas where interests and values converge and diverge. The conversation focused on economic issues, climate change and COVID-19, a senior U.S. official told reporters. The yuan gained 0.2per cent on the dollar after ...

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Euro inches higher ahead of ECB decision on bond buying

The euro edged higher on Thursday before an expected reduction in the pace of the European Central Bank’s bond buying, while the dollar held to recent gains as concerns about the global economy sent traders into currencies deemed safer. The euro rose 0.1% to $1.1825 following a three-day retreat from Friday’s two-month high of $1.1909. The dollar index was marginally lower at 92.644, after three consecutive days of rises. The ECB holds a policy meeting on Thursday at which it is expected to announce a trimming of the pace of ...

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EUR and ECB Crib Sheet: Hawkish expectations may be unwarranted

ECB may fail to meet hawkish market expectations The market has recently turned more doubtful about the ability of the ECB to retain an ultra-dovish stance and keep postponing the tapering discussion, especially after another rise in the eurozone’s inflation and some hawkish members voicing their concerns about excessive monetary stimulus. In FX, such developments provided the first idiosyncratic push to the EUR, after a long period where EUR/USD was, by and large, a mirror of the dollar’s dynamics. We suspect that, in order to continue reaping all the benefits ...

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Dollar tracks U.S. yields higher, hits one-week top ahead of ECB

The dollar rose to a one-week peak against peers on Wednesday, buoyed by higher Treasury yields and a weaker euro a day ahead of a European Central Bank policy decision. The dollar index =USD, which measures the currency against six rivals, traded 0.1% higher at 92.628 after earlier touching 92.655, a level not hit since Sept. 1. The euro EUR=EBS also traded 0.1% lower at $1.1831 after hitting $1.1828, its lowest since Sept. 1. Helped by higher U.S. yields, the greenback also hit a 3-1/2 week high of 110.45 yen ...

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