Yen, franc sink as fading risks take shine off safe-havens

and were also sold in the slide, that pushed the yen as low as 107.49 per dollar, and the franc to $0.9922, with both also losing ground to the euro. “But it is kind of a lull period following a whole stream of positive news last week. We’re in a wait-and-see mode with major risk events like Brexit and trade negotiations being kicked down the road.” The pound stood just under a six-week high of $1.2385, hit overnight after a British law blocking a no-deal exit from the European Union came into f


and were also sold in the slide, that pushed the yen as low as 107.49 per dollar, and the franc to $0.9922, with both also losing ground to the euro. “But it is kind of a lull period following a whole stream of positive news last week. We’re in a wait-and-see mode with major risk events like Brexit and trade negotiations being kicked down the road.” The pound stood just under a six-week high of $1.2385, hit overnight after a British law blocking a no-deal exit from the European Union came into f
Yen, franc sink as fading risks take shine off safe-havens Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-09-10
Keywords: news, cnbc, companies, sink, overnight, trade, brexit, fading, shine, risks, safehavens, held, hit, yen, flat, currencies, franc, dollar, high


Yen, franc sink as fading risks take shine off safe-havens

The yen and Swiss franc fell to five-week troughs on Thursday as investors looked for higher-risk currencies, emboldened by a report of German stimulus plans, diminishing chances of a no-deal Brexit and hopes of a trade war breakthrough.

and were also sold in the slide, that pushed the yen as low as 107.49 per dollar, and the franc to $0.9922, with both also losing ground to the euro.

“Over the past 24 hours there has been a move towards more risk-friendly, pro-growth currencies,” Rodrigo Catril, senior foreign exchange strategist at National Australia Bank in Sydney.

“But it is kind of a lull period following a whole stream of positive news last week. We’re in a wait-and-see mode with major risk events like Brexit and trade negotiations being kicked down the road.”

The pound stood just under a six-week high of $1.2385, hit overnight after a British law blocking a no-deal exit from the European Union came into force.

The South Korean won and New Zealand dollar drifted higher, the won holding close to a month high at 1,191.0 per dollar and the kiwi close to a three-week peak at $0.6434.

Exuberance was held back, however, by weak Chinese economic data that hit equities markets, with factory-gate prices shrinking at their fastest pace since August.

Ratings house Fitch on Tuesday cut growth forecasts for Europe and China citing rising protectionism.

The yuan held mostly flat around 7.1169 per dollar.

Traders also remained cautious ahead of a key European Central Bank meeting on Thursday, at which policymakers are expected to ease monetary policy.

The euro was flat at $1.1043, underneath an overnight high of $1.1067 hit following a Reuters report that Germany may set up public investment agencies to boost fiscal stimulus without breaching national spending rules.

“This news caused some people to revise down their expectations for Thursday’s ECB meeting, although I think that’s entirely premature,” said Marshall Gittler, chief strategist at ACLS Global, in a note.

“I think the small rally in EUR today just sets up the currency for a bigger fall on Thursday.”

Market hopes for a trade breakthrough, meanwhile, rested on confidence overnight from U.S. Treasury Secretary Steven Mnuchin. He told Fox television that there had been “a lot of progress” on a U.S-China trade deal and that the U.S. side was “prepared to negotiate”.

The remarks pushed U.S. benchmark 10-year Treasuries to a three-week high where they held in Asian trade. The dollar was flat against a basket of currencies at 98.359.

Sterling barely shifted when Britain’s parliament voted, as expected, to stymie Prime Minister Boris Johnson’s bid for an early election, which prompted him to vow that he would secure a Brexit deal at an EU summit next month.

“While I am loath to go anywhere near the pound, I like what I see in the price action,” said Chris Weston, head of research at Melbourne foreign exchange brokerage Pepperstone Group.

“If GBP/USD kicks up through $1.2354 again, I would be looking for longs, with a stop through $1.2234.”


Company: cnbc, Activity: cnbc, Date: 2019-09-10
Keywords: news, cnbc, companies, sink, overnight, trade, brexit, fading, shine, risks, safehavens, held, hit, yen, flat, currencies, franc, dollar, high


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Global markets are in panic mode — sparking a wave of investment into gold, bonds and currencies

At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds. Global growth worries and an intensifying trade war between the world’s two largest economies sparked a stampede into perceived ‘safe-haven’ assets on Monday. Gold prices jumped more than 1% to hit their highest level in over six years on Monday, while the Japanese yen and core government bonds also rallied. At times of market turbu


At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds. Global growth worries and an intensifying trade war between the world’s two largest economies sparked a stampede into perceived ‘safe-haven’ assets on Monday. Gold prices jumped more than 1% to hit their highest level in over six years on Monday, while the Japanese yen and core government bonds also rallied. At times of market turbu
Global markets are in panic mode — sparking a wave of investment into gold, bonds and currencies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: sam meredith
Keywords: news, cnbc, companies, wave, panic, currencies, markets, market, investment, wall, yuan, highest, expected, yen, mode, global, bonds, japanese, assets, gold, sparking, level


Global markets are in panic mode — sparking a wave of investment into gold, bonds and currencies

At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds.

Global growth worries and an intensifying trade war between the world’s two largest economies sparked a stampede into perceived ‘safe-haven’ assets on Monday.

Gold prices jumped more than 1% to hit their highest level in over six years on Monday, while the Japanese yen and core government bonds also rallied.

It comes at a time of heightened volatility in financial markets, with the pan-European Stoxx 600 falling almost 2%. That’s on top of the 2.5% it lost on Friday — its worst day so far in 2019.

The panic is seen spreading across to Wall Street too, with the Dow Jones Industrial Average expected to fall more than 380 points lower at the open.

Meanwhile, China let the yuan breach the key 7-per-dollar level for the first time in more than a decade on Monday. It appeared to indicate Beijing would be prepared to tolerate more currency weakness that could further exacerbate the trade conflict with Washington.

“The nervousness in financial markets over the falling renminbi (yuan) in recent weeks has reached panic levels, ” Tom Elliott, international investment strategist at deVere Group, said in a research note published Monday.

“Just as in July and August 2015, when China engineered a small devaluation to support growth, global stock markets have panicked,” Elliott said.

The CBOE volatility index — known commonly as the VIX or Wall Street’s “fear gauge” — climbed to its highest level since mid-May, while Europe’s equivalent reached its highest since early January.

At times of market turbulence, investors tend to flee to assets expected to either retain or increase in value — such as gold, the Japanese yen and government bonds.

These safe-haven assets are typically sought to limit one’s exposure to losses in the event of a sharp market downturn.


Company: cnbc, Activity: cnbc, Date: 2019-08-05  Authors: sam meredith
Keywords: news, cnbc, companies, wave, panic, currencies, markets, market, investment, wall, yuan, highest, expected, yen, mode, global, bonds, japanese, assets, gold, sparking, level


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Gloomy data sends euro to 2-month low ahead of ECB meeting

Money markets are pricing in a 54% chance of a 10 basis point cut on Thursday’s ECB meeting. The ECB could also signal further reductions down the road or a fresh round of quantitative easing (QE), investors said. The euro hit a two-year low of $1.1105 in May. Markets betting on ECB easing have lifted the Swiss franc , which traded at 1.0980 francs per euro, not far from the two-year high of 1.0972 reached on Tuesday. Sterling was last up 0.44% at $1.2491, not far from the 27-month low of $1.238


Money markets are pricing in a 54% chance of a 10 basis point cut on Thursday’s ECB meeting. The ECB could also signal further reductions down the road or a fresh round of quantitative easing (QE), investors said. The euro hit a two-year low of $1.1105 in May. Markets betting on ECB easing have lifted the Swiss franc , which traded at 1.0980 francs per euro, not far from the two-year high of 1.0972 reached on Tuesday. Sterling was last up 0.44% at $1.2491, not far from the 27-month low of $1.238
Gloomy data sends euro to 2-month low ahead of ECB meeting Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-24
Keywords: news, cnbc, companies, fell, 2month, ecb, ahead, sends, easing, meeting, data, low, currencies, dollar, hit, twoyear, swiss, gloomy, euro


Gloomy data sends euro to 2-month low ahead of ECB meeting

The euro fell to a two-month low against the dollar on Wednesday, hit by weak economic data and speculation that the European Central Bank may open the door to aggressive monetary policy easing as soon as this week.

Money markets are pricing in a 54% chance of a 10 basis point cut on Thursday’s ECB meeting.

The probability rose after the eurozone purchasing managers’ index unexpectedly fell to a three-month low of 51.5 in July from 52.2 in June. Economists polled by Reuters had expected a slight decline to 52.1.

The 50 mark separates economic growth from contraction.

The ECB could also signal further reductions down the road or a fresh round of quantitative easing (QE), investors said.

“Disappointing PMIs out of the euro area will only increase expectations further for (Mario) Draghi to deliver a dovish sounding message tomorrow,” said Mohammed Kazmi, a portfolio manager at UBP.

“He will be expected to strongly hint at both rate cuts and QE ahead of easing that is anticipated for September.”

The common currency was down 0.1% at $1.1137 after earlier hitting $1.1127, its lowest since May 30. The euro hit a two-year low of $1.1105 in May.

Markets betting on ECB easing have lifted the Swiss franc , which traded at 1.0980 francs per euro, not far from the two-year high of 1.0972 reached on Tuesday.

The surging franc is heaping pressure on Swiss officials to act to protect their export-heavy economy.

The euro has shed 2% of its value this month as investors priced in the probability of euro zone borrowing costs falling deeper into negative territory. A broadly stronger dollar also contributed to the single currency’s woes.

Expectations of lower interest rates in developed economies weighed on other currencies, such as the Australian dollar, which fell 0.5% to a two-week low of $0.6973.

Three consecutive days of lower iron ore prices may also be hurting currencies sensitive to commodity prices like the Aussie, analysts said.

The U.S. dollar firmed after Washington reached a deal to lift government borrowing limits, which analysts said could limit the U.S. Federal Reserve’s appetite for rate cuts.

The dollar was flat against a basket of currencies at 97.65, having edged up to a five-week high of 97.76 earlier following gains of nearly 0.5% the previous day.

The pound rose slightly from recent lows after Boris Johnson on Tuesday won the contest to be Britain’s next prime minister, focusing investor attention on the prospect of a no-deal Brexit.

Some market watchers expect sterling to fall after eurosceptic Johnson’s speech on Wednesday, when he takes over as prime minister.

“Boris Johnson is deliberately provocative… That would be enough to get people to worry,” said Helen Thomas, chief executive of macroeconomic consulting firm BlondeMoney.

Sterling was last up 0.44% at $1.2491, not far from the 27-month low of $1.2382 it hit last week.


Company: cnbc, Activity: cnbc, Date: 2019-07-24
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‘We are in a currency war, but nobody has admitted it,’ strategist says

Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch. Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing. Wall Street analysts have


Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch. Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing. Wall Street analysts have
‘We are in a currency war, but nobody has admitted it,’ strategist says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith
Keywords: news, cnbc, companies, weaken, policy, trying, strategist, bank, war, currency, admitted, currencies, way, central, monetary


'We are in a currency war, but nobody has admitted it,' strategist says

Central banks are currently embroiled in a covert currency war which is causing stagnation in foreign exchange markets, according to Thanos Vamvakidis, the global head of G-10 FX strategy at Bank of America Merrill Lynch.

Monetary policy easing has been a key theme for central bankers so far in 2019, with the U.S. Federal Reserve, the Bank of England and the European Central Bank (ECB) all signaling dovish stances and fueling speculation of more monetary policy easing.

Wall Street analysts have begun to speculate that President Donald Trump may intervene to weaken the nation’s currency, following a series of comments made by the U.S. president.

Trump most recently complained that China and Europe had embarked on policy moves designed to cheapen their currencies in order to be more competitive with the U.S. on trade, and has repeatedly criticized the Fed over a lack of cuts to interest rates.

Vamvakidis suggested that with most major central banks striking similar tones, currencies are likely to enter deadlock.

“They cannot affect the borrowing cost because interest rates are historically low, so the only way they can ease further monetary conditions is to weaken their currency,” he told CNBC’s “Squawk Box Europe” on Tuesday.

“However, it’s about equilibrium because when everybody is doing it, then currencies don’t really move, you don’t benefit anything because you end up wasting very limited monetary policy ammunition without much of a result. So in a way, we are in a currency war, although nobody has admitted it,” he added.

Vamvakidis argued that although in theory, governments can intervene when currencies are overvalued, the way such interventions are unfolding at present is producing more negative side effects.

“Everybody is trying to move their currencies, but everyone is trying at the same time, and in the end, nobody benefits,” he said. “The collateral damage of all this is that international policy coordination suffers.”


Company: cnbc, Activity: cnbc, Date: 2019-07-16  Authors: elliot smith
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Analysts say some emerging market currencies look appealing as the Fed weighs rate cuts

Investors should be looking to buy emerging market currencies against the U.S. dollar, two analysts told CNBC on Monday. Those calls come as the U.S. Federal Reserve appears to be seriously considering cutting U.S. interest rates. “We do think there is a basket of emerging market currencies that look appealing as the Fed is poised now to begin cutting rates as opposed to raising rates, ” he told CNBC’s “Street Signs. ” The term “carry trade” refers to a strategy in which investors borrow in a cu


Investors should be looking to buy emerging market currencies against the U.S. dollar, two analysts told CNBC on Monday. Those calls come as the U.S. Federal Reserve appears to be seriously considering cutting U.S. interest rates. “We do think there is a basket of emerging market currencies that look appealing as the Fed is poised now to begin cutting rates as opposed to raising rates, ” he told CNBC’s “Street Signs. ” The term “carry trade” refers to a strategy in which investors borrow in a cu
Analysts say some emerging market currencies look appealing as the Fed weighs rate cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: abigail ng
Keywords: news, cnbc, companies, emerging, rates, rate, say, weighs, dollar, market, told, appealing, currency, think, interest, looking, cuts, fed, look, currencies


Analysts say some emerging market currencies look appealing as the Fed weighs rate cuts

Investors should be looking to buy emerging market currencies against the U.S. dollar, two analysts told CNBC on Monday.

Those calls come as the U.S. Federal Reserve appears to be seriously considering cutting U.S. interest rates. As dollar-based investments begin to yield less interest, that may weaken the greenback against the currencies of higher-interest countries — including many in the developing world.

“What we see now is that the dollar is probably topped out against a number of the emerging market currencies, ” said Mike Ryan, chief investment officer for the Americas at UBS Global Wealth Management.

“We do think there is a basket of emerging market currencies that look appealing as the Fed is poised now to begin cutting rates as opposed to raising rates, ” he told CNBC’s “Street Signs. ”

This does not signal broad-based U.S. dollar weakness, he added, noting that other developed-country central banks are also looking to pivot on rate policy.

Khoon Goh, head of Asia research at ANZ Bank, echoed that view.

“We already have the (Australian and New Zealand central banks) easing, so I think we’re in this situation where carry trades will very much come back into vogue, ” he told CNBC’s “Squawk Box. ”

The term “carry trade” refers to a strategy in which investors borrow in a currency with low interest rates in order to purchase assets in a currency with higher interest rates. That way, they can earn from their investments in another currency while paying less interest on the amount borrowed.

Goh said ANZ continues to favor some currencies in Asia such as the Indian rupee and the Indonesian rupiah. Benchmark interest rates in India and Indonesia are 5.75% and 6%, respectively, compared to the Fed’s target between 2.25% and 2.5%, according to Trading Economics.

The picture in terms of the U.S. dollar index is “a little bit more muddy,” but it’s clearer for high-yielding currencies of countries with a “compelling growth story” or scope for economic reforms that will spur foreign inflows, he added.


Company: cnbc, Activity: cnbc, Date: 2019-07-09  Authors: abigail ng
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Dollar pares gains vs yen after Trump says to impose sanctions on Iran

The dollar trimmed its earlier gains versus the yen on Monday after U.S. President Donald Trump said the United States will impose new sanctions on Iran in response to Tehran’s downing of a U.S. drone last week. The greenback was down 0.01% at 107.29 yen. Bitcoin held firm after its torrid run over the weekend, when it broke above $11,000 for the first time since March 2018. An index that tracks the dollar against a group of six currencies fell 1.57% last week, its biggest weekly loss in four mo


The dollar trimmed its earlier gains versus the yen on Monday after U.S. President Donald Trump said the United States will impose new sanctions on Iran in response to Tehran’s downing of a U.S. drone last week. The greenback was down 0.01% at 107.29 yen. Bitcoin held firm after its torrid run over the weekend, when it broke above $11,000 for the first time since March 2018. An index that tracks the dollar against a group of six currencies fell 1.57% last week, its biggest weekly loss in four mo
Dollar pares gains vs yen after Trump says to impose sanctions on Iran Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-24
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Dollar pares gains vs yen after Trump says to impose sanctions on Iran

The dollar trimmed its earlier gains versus the yen on Monday after U.S. President Donald Trump said the United States will impose new sanctions on Iran in response to Tehran’s downing of a U.S. drone last week.

The greenback was down 0.01% at 107.29 yen. On Friday, it touched its lowest level since early January against the Japanese currency, which is seen as a safe-haven for investors in times of geopolitical turmoil.

Bitcoin held firm after its torrid run over the weekend, when it broke above $11,000 for the first time since March 2018.

The world’s biggest and best-known cryptocurrency has risen nearly 200% this year as Facebook’s plan to introduce its Libra digital coin stoked optimism about a widening usage of virtual currencies.

Investors awaited whether U.S. President Donald Trump and China President Xi Jinping would at least call a truce on their trade war at a summit in Japan later this week.

“The Trump-Xi meeting at the G20 this coming weekend and heightened tensions in the Gulf, with the U.S. set to impose new sanctions on Iran’s crippled economy are keeping investors on edge,” said Marc Chandler, chief market strategist at Bannockburn Global Forex LLC.

Both China and the United States should make compromises in trade talks, Chinese Vice Commerce Minister Wang Shouwen said on Monday. Markets believe that if Washington and Beijing fail to dial back their heated rhetoric on trade, then the Fed will be forced to cut interest rates to prevent a wider economic slowdown resulting from higher U.S. tariffs on imports.

Interest rates futures implied traders priced in a 100% chance the Fed would cut rates at the end of July, while they are betting on a high probability it might lower rates two more times after that, according to CME Group’s FedWatch program.

Expectations of falling U.S. rates have weakened the greenback. An index that tracks the dollar against a group of six currencies fell 1.57% last week, its biggest weekly loss in four months.

The dollar index dipped 0.22% at 96.01.

The latest weekly positioning data confirmed the view of a weakening dollar. Hedge funds have turned mildly bearish on the greenback, and have increased bets on weakness in other currencies such as the Australian dollar as their outlook on the global economy has soured.

Among digital currencies, bitcoin was steady at $10,857.77 after breaking above $11,000 this past weekend on the Luxembourg-based Bitstamp exchange.


Company: cnbc, Activity: cnbc, Date: 2019-06-24
Keywords: news, cnbc, companies, vs, pares, gains, president, weekly, currencies, weekthe, rates, trump, dollar, sanctions, greenback, weekend, iran, trade, impose, yen


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Trump says ‘devalued’ currencies put US at a disadvantage and the Fed doesn’t have a ‘clue’

President Donald Trump, left, and Jerome Powell, the new chairman of the Federal Reserve on Thursday, Nov. 2, 2017. President Donald Trump said Tuesday that the U.S. dollar is at a disadvantage compared with other major currencies like the euro as central banks keep interest rates low while the Federal Reserve’s rates are higher by comparison. “The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,” Trump tweeted, adding the Fed doesn’t have “a clu


President Donald Trump, left, and Jerome Powell, the new chairman of the Federal Reserve on Thursday, Nov. 2, 2017. President Donald Trump said Tuesday that the U.S. dollar is at a disadvantage compared with other major currencies like the euro as central banks keep interest rates low while the Federal Reserve’s rates are higher by comparison. “The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,” Trump tweeted, adding the Fed doesn’t have “a clu
Trump says ‘devalued’ currencies put US at a disadvantage and the Fed doesn’t have a ‘clue’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: fred imbert
Keywords: news, cnbc, companies, trump, federal, rates, donald, clue, low, disadvantage, euro, dollar, doesnt, currencies, devalued, fed


Trump says 'devalued' currencies put US at a disadvantage and the Fed doesn't have a 'clue'

President Donald Trump, left, and Jerome Powell, the new chairman of the Federal Reserve on Thursday, Nov. 2, 2017.

President Donald Trump said Tuesday that the U.S. dollar is at a disadvantage compared with other major currencies like the euro as central banks keep interest rates low while the Federal Reserve’s rates are higher by comparison.

“The Euro and other currencies are devalued against the dollar, putting the U.S. at a big disadvantage,” Trump tweeted, adding the Fed doesn’t have “a clue.”

Trump also said in a separate tweet that the U.S. has low inflation, calling it “a beautiful thing.”

The dollar fell slightly against the euro following Trump’s tweets.

Trump has repeatedly gone after the Fed for what he considers tight monetary policy. The Fed hiked rates four times in 2018.


Company: cnbc, Activity: cnbc, Date: 2019-06-11  Authors: fred imbert
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Dollar near flat, heading for fourth straight month of gains

The dollar was little changed on Thursday, on track to post a fourth straight month of gains, as the trade stand-off between China and the United States prompted traders to put money into perceived safe currencies including the greenback. Safe-haven demand lifted the dollar to a 2-year high against a basket of currencies last week. Appetite for the greenback was somewhat curbed on Thursday as Wall Street stabilized following steep losses due to the trade worries and U.S. bond yields briefly rose


The dollar was little changed on Thursday, on track to post a fourth straight month of gains, as the trade stand-off between China and the United States prompted traders to put money into perceived safe currencies including the greenback. Safe-haven demand lifted the dollar to a 2-year high against a basket of currencies last week. Appetite for the greenback was somewhat curbed on Thursday as Wall Street stabilized following steep losses due to the trade worries and U.S. bond yields briefly rose
Dollar near flat, heading for fourth straight month of gains Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-30
Keywords: news, cnbc, companies, near, yen, greenback, currencies, dollar, euro, fourth, week, heading, worries, gains, straight, month, lower, flat, trade


Dollar near flat, heading for fourth straight month of gains

The dollar was little changed on Thursday, on track to post a fourth straight month of gains, as the trade stand-off between China and the United States prompted traders to put money into perceived safe currencies including the greenback.

Safe-haven demand lifted the dollar to a 2-year high against a basket of currencies last week. Appetite for the greenback was somewhat curbed on Thursday as Wall Street stabilized following steep losses due to the trade worries and U.S. bond yields briefly rose before resuming their recent fall.

The euro and sterling held above key support levels at $1.11 and $1.26, respectively, also restraining the greenback’s momentum, analysts said.

“With the U.S.-China trade situation, people don’t want to do anything until there’s a resolution,” Joseph Trevisani, senior analyst at FX Street, said of this week’s light volume and tight trading ranges.

In late U.S. trading, an index that tracks the dollar against six major currencies was down -0.01% at 98.151. It reached 98.371 a week ago, its strongest since May 2017.

The S&P 500 was down 0.08%, wiping out initial gains, while the benchmark 10-year U.S. Treasury note yield was 1.2 basis points lower at 2.224%, reversing an earlier rise.

The dollar index has increased 0.76% in May, putting it on track for four straight months of gains. Its strength has persisted even as traders have increased their bets on multiple rate cuts by the Federal Reserve.

The greenback will likely extend its monthly winning streak against the euro, which began in January. Signs of a sagging euro zone economy, together with worries about the rise of euro-sceptic political parties within EU member countries, have hurt the zone’s common currency.

The euro was up 0.04% at $1.1135, within striking distance of $1.11055 hit a week ago, which was a two-year low. The dollar has also remained resilient against the yen, despite the risk-averse environment.

The greenback was 0.05% lower at 109.535 yen, staying above a two-week low set on Wednesday. Analysts said the yen, a safe-haven currency backed by Japan’s status as the world’s biggest creditor nation, remained relatively weak because of domestic demand for dollars.

“As there’s persistent yen selling and dollar buying from Japanese investors when the rate approaches the 109.10 yen per dollar level, it’s not easy for the yen to rise above the 109 level,” said Yukio Ishizuki, senior currency strategist at Daiwa Securities.

Sterling was poised for the biggest monthly drop against the dollar in a year as the imminent departure of Theresa May as prime minister deepened fears about a chaotic exit for Britain from the European Union.

On Thursday, the pound was 0.13% lower at $1.261, while the euro was up 0.17% at 88.31 pence.


Company: cnbc, Activity: cnbc, Date: 2019-05-30
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US is considering duties on countries that undervalue their currencies

Robert Mueller wants to testify in private before Congress,…Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it… Politicsread more


Robert Mueller wants to testify in private before Congress,…Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it… Politicsread more
US is considering duties on countries that undervalue their currencies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-24
Keywords: news, cnbc, companies, itpoliticsread, considering, trump, testify, duties, private, investigation, currencies, mueller, robert, wants, undervalue, talk, russian, countries


US is considering duties on countries that undervalue their currencies

Robert Mueller wants to testify in private before Congress,…

Special counsel Robert Mueller wants to talk to Congress about his investigation into the Trump campaign and Russian interference in the 2016 election, but he wants to do it…

Politics

read more


Company: cnbc, Activity: cnbc, Date: 2019-05-24
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Dollar index hovers at 23-month peak

Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. “You have a lot of economic data later this week from around the world. An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years. Since the Fed’s March


Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. “You have a lot of economic data later this week from around the world. An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years. Since the Fed’s March
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Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, hovers, trading, data, 23month, dollar, peak, major, increase, economic, currencies, week, yen, index


Dollar index hovers at 23-month peak

The dollar was marginally lower against a basket of currencies on Monday, hovering near a 23-month high, as traders await more data to convince them whether to add to their bullish positions in the greenback.

Most major currencies held in tight ranges on light trading volume as Japan began its extended Golden Week holiday. China will observe its Labor Day holiday from Wednesday to Friday. A Federal Reserve policy meeting, Brexit negotiations and a raft of global data including U.S. payrolls could each be the trigger for big currency swings this week.

“You have a lot of economic data later this week from around the world. People are waiting to see if there is a lot of major shifts,” said Chuck Tomes, associate portfolio manager at Manulife Asset Management in Boston.

A swathe of manufacturing surveys from Europe and China are due later this week, along with a first reading on EU GDP.

The U.S. payrolls report on Friday is forecast to show a solid increase of 185,000 jobs in April, with unemployment at 3.8%.

An index that tracks the greenback against the euro, yen, sterling and three other currencies was down 0.16% at 97.85. Last week, it reached 98.330, the highest since May 2017.

The euro was 0.32% higher at $1.1184, while the dollar was up 0.12% at 111.71 yen. The dollar index failed to move higher after data that showed U.S. consumer spending gaining 0.9% in March, marking its biggest monthly increase in more than 9-1/2 years.

The core personal consumption expenditure price index, on the other hand, did not change in March, leaving its year-over-year increase at 1.6%, the smallest rise in 14 months.

Traders await clues on the Fed’s global economic outlook as the central bank’s policymaking board meets on Tuesday and Wednesday. Analysts do not anticipate any major changes from Fed officials who signaled last month they would not raise interest rates in 2019.

Since the Fed’s March meeting, U.S. economic data has shown the expansion has remained intact despite some slowing since late 2018.

Last Friday, the government said first-quarter gross domestic product grew at a 3.2% pace, but the figure was bolstered largely by a surge in inventories and exports. Speculators raised their long dollar positions to $37.21 billion last week, the highest level since December 2015, according to U.S. Commodity Futures Trading Commission data released late Friday.


Company: cnbc, Activity: cnbc, Date: 2019-04-29
Keywords: news, cnbc, companies, hovers, trading, data, 23month, dollar, peak, major, increase, economic, currencies, week, yen, index


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