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Daily Currencies Ratings

Dollar edges up as energy surge drives inflation worries

The dollar rose on Wednesday amid nervousness that surging energy prices could spur inflation and interest rate hikes, and as traders awaited U.S. jobs data for clues on the timing of Federal Reserve policy tightening. The Reserve Bank of New Zealand lifted its official cash rate for the first time in seven years, but its resolutely hawkish tone only seemed to add to expectations that the Fed would follow suit and the kiwi dipped as U.S. yields rose. The kiwi NZD=D3 was last 0.9% weaker at $0.6891 and the Australian ...

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Dollar inches toward one-year high as payrolls test looms

The U.S. dollar edged back toward a one-year high versus major peers on Tuesday ahead of a key payrolls report at the end of the week that could boost the case for the Federal Reserve to start tapering stimulus as soon as next month. The safe-haven greenback was also supported by an equity sell-off that spread from Wall Street to Asia. The risk-sensitive Australian dollar was among the biggest decliners, with the Reserve Bank of Australia reiterating it doesn’t expect to raise interest rates until 2024 after keeping policy steady, ...

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Dollar net longs rose again in September

FX Positioning: Back to pre-pandemic CFTC data on G10 FX speculative positioning show markets turning increasingly bullish on the dollar in September. The aggregate USD net long positions against reported G10 currencies (i.e. G9 excluding SEK and NOK) were worth 10.8% of open interest as of 28 September, the highest since the last week of February 2020 (before the Covid-19 spread started to seriously hit financial markets). Unlike back in February 2020, when the EUR was in oversold territory, the common currency had – as of 28 September – about ...

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Dollar surge both symptom and catalyst of world slowdown

A surging U.S. dollar signals for some the clearest sign of an ebbing money tide and an abrupt slowdown of the world economy over the remainder of 2021 at least. Disruptions from new strains of COVID, severe goods and labor supply bottlenecks, fuel price squeezes, power outages, slowing credit growth and the gradual withdrawal of central bank liquidity have drained the post-pandemic recovery of momentum. Global economic data surprises all turned negative in August and continue to miss forecasts at a rate not seen since 2020, prompting some banks to ...

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Dollar snaps 2-day losing streak, volatility rises as risk aversion grows

The dollar edged higher on Monday after two consecutive sessions of losses as hedge funds ramped up their holdings as widening concerns about the Chinese property sector and resilient U.S. Treasury yields boosted the appeal of the greenback. After spending the second quarter of 2021 on the back foot the dollar has received a fresh boost in recent weeks, climbing to its highest levels in a year against its rivals =USD last week as top investment banks have revised up their forecasts. Citigroup strategists expect more upside in the dollar ...

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‘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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