Dollar weakens as US bond yields fall, trade tariff postponement supports riskier currencies

The dollar slipped in Asia on Tuesday as U.S. Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes. The U.S. 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. “Falling U.S. yields are a negative for the dollar, especially versus the major currencies,” said Rodrigo Catril, senior currency strategist at NAB. Catril added that U.S. Treasury yields are near crucial technical


The dollar slipped in Asia on Tuesday as U.S. Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes. The U.S. 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. “Falling U.S. yields are a negative for the dollar, especially versus the major currencies,” said Rodrigo Catril, senior currency strategist at NAB. Catril added that U.S. Treasury yields are near crucial technical
Dollar weakens as US bond yields fall, trade tariff postponement supports riskier currencies Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tyrone siu
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Dollar weakens as US bond yields fall, trade tariff postponement supports riskier currencies

The dollar slipped in Asia on Tuesday as U.S. Treasury yields fell to three-month lows, a sign some investors were wagering the Federal Reserve would slow the pace of its rate hikes.

The weakness in the dollar comes against the backdrop of a temporary truce in the US-China trade conflict, which has bolstered investor confidence in riskier currencies versus the safe-haven greenback.

The U.S. 10-year Treasury yield fell to 2.94 percent on Tuesday, its lowest level since mid September. The difference in yield between the U.S. 2-year and 10-year tightened to its smallest since July 2007.

The two-10-year yield curve is a key focus for investors as an inversion is seen as predictor of a U.S. recession. A yield curve is said to be inverted when yields on longer-dated maturity bonds are lower than shorter-dated maturity bonds.

The yield curve has flattened as continuing interest rate hikes send short-dated yields higher, while longer-dated Treasuries are supported by tepid inflation and slowing global growth.

“Falling U.S. yields are a negative for the dollar, especially versus the major currencies,” said Rodrigo Catril, senior currency strategist at NAB.

Catril added that U.S. Treasury yields are near crucial technical support levels, a break of which could add further pressure on U.S. yields and the dollar.

The dollar index, a gauge of its value versus six major peers, was off 0.23 percent at 96.8.

The dollar had been supported for most of 2018 by a robust U.S. economy and a relatively hawkish Fed, which is widely expected to raise its policy interest rate later this month.

Markets have priced in an 87 percent probability of a rate hike at the Fed’s Dec. 18-19 meeting.

The dollar came under pressure last week when the market took comments from Fed Chair Jerome Powell as signalling a slower pace of rate hikes.

A more dovish tone from the Fed last week has led markets to question how many times the central bank will hike rates in 2019.

“Given data remains strong, we think the Fed will hike twice in 2019 and that’s more than what the market is pricing in right now…we remain moderately bullish on the dollar,” said Nick Twidale, chief operating officer at Rakuten Securities.

Currencies such as the Chinese yuan, which were battered in the US-China trade war, are expected to trade stronger versus the greenback in the coming weeks as investor sentiment improves.

The dollar fell 0.5 percent against the offshore yuan to 6.8375. On Monday, it lost 1.07 percent, its steepest percentage fall since Aug. 25.

“For now, it seems China has got the best out of G20 and we expect the yuan to remain supported,” added Twidale.

However, he warned that markets need to see a further easing in trade tensions for the risk-on rally to continue.

The Australian dollar gained 0.3 percent in Asian trade at $0.7376. The Reserve Bank of Australia kept its policy cash rate unchanged on Tuesday in a widely expected move.

The yen traded at 113.13 to the dollar, with the greenback losing 0.4 percent versus the Japanese currency.

Elsewhere, sterling was gained 0.2 percent to trade at $1.2744 due to broad dollar weakness. On Monday, the pound fell below $1.27 for the first time since Oct. 31.

Sterling has posted losses for three consecutive weeks as traders bet that British Prime Minister Theresa May will not be able to pass her Brexit deal through parliament on Dec. 11.


Company: cnbc, Activity: cnbc, Date: 2018-12-04  Authors: tyrone siu
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Dollar weakens as US-China trade truce revives demand for riskier currencies

Riskier currencies such as the Australian dollar and New Zealand dollar rallied by more than 0.5 percent each, while safe haven currencies such as the yen and the Swiss franc traded weaker in early Asian trade, signalling a clear risk-on move in the financial markets. “The trade truce is definitely risk positive for the markets…we expect dollar safe haven buying to fade and riskier currencies such as the Aussie and Kiwi dollar to scale higher,” said Rodrigo Catril, senior currency strategist a


Riskier currencies such as the Australian dollar and New Zealand dollar rallied by more than 0.5 percent each, while safe haven currencies such as the yen and the Swiss franc traded weaker in early Asian trade, signalling a clear risk-on move in the financial markets. “The trade truce is definitely risk positive for the markets…we expect dollar safe haven buying to fade and riskier currencies such as the Aussie and Kiwi dollar to scale higher,” said Rodrigo Catril, senior currency strategist a
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Dollar weakens as US-China trade truce revives demand for riskier currencies

The dollar fell across the board on Monday as investor demand for riskier assets rose after China and the U.S. agreed to a cease-fire in a trade dispute that has shaken global markets.

The White House said on Saturday that President Donald Trump told China’s President Xi Jinping at the G-20 talks in Argentina that he would not boost tariffs on $200 billion of Chinese goods to 25 percent on Jan. 1 as previously announced.

China and United States will try to bridge their differences via new talks aimed at reaching a deal within 90 days.

Riskier currencies such as the Australian dollar and New Zealand dollar rallied by more than 0.5 percent each, while safe haven currencies such as the yen and the Swiss franc traded weaker in early Asian trade, signalling a clear risk-on move in the financial markets.

“The trade truce is definitely risk positive for the markets…we expect dollar safe haven buying to fade and riskier currencies such as the Aussie and Kiwi dollar to scale higher,” said Rodrigo Catril, senior currency strategist at NAB.

Catril noted that crosses such as the Aussie/yen and kiwi/yen are likely to see further upside as currency traders react to the temporary truce between the world’s two largest economies.

The dollar index, a gauge of its value versus six major peers, traded down 0.13 percent at 97.14.

The dollar lost 0.54 percent versus the offshore yuan, its steepest percentage fall since Oct. 1, to quote at 6.9134.

The safe-haven yen weakened to 113.68 on Monday, with the greenback gaining 0.2 percent, reflecting the prevailing risk-on mood. The euro gained 0.34 percent on the yen to 128.89, briefly hitting an intra-day high of 129.37, its highest level since Nov. 9.

The euro changed hands gained 0.16 percent to $1.1333 amid heavy dollar selling.

However, some analysts warned many issues had to be resolved for risk sentiment to stay positive in the medium term.

“Ultimately, it remains a high order for China to fulfil the U.S. demands on structural issues…at a time when the major issues that the U.S. has raised represent a challenge to China’s rise, a long-lasting and meaningful de-escalation remains very challenging,” said Daniel Been, head of currency research at ANZ.

Apart from trade, investor focus will also return to the U.S. monetary policy, with the Federal Reserve expected to raise interest rates by 25 basis points later in December, which would be its fourth rate hike this year.

“The developments over the weekend will give the Fed some more confidence to raise rates in 2019,” said Michael McCarthy, chief market strategist at CMC markets.

The dollar had come under pressure last week when the market took comments by Federal Reserve Chair Jerome Powell as hinting at a slower pace of rate hikes.

Powell is scheduled to testify before a congressional Joint Economic Committee later this week.

The British pound traded weaker versus the dollar at $1.2740 losing around 0.1 percent of its value. Sterling has posted losses for three consecutive weeks as traders bet that British Prime Minister Theresa May will not be able to pass her Brexit deal through parliament on Dec. 11.


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Dollar at 16-month peak, yen weakens as Bank of Japan keeps monetary policy steady

In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent. The yen changed hands at 113.24 on the dollar, remaining under pressure in Asia after earlier sliding to three-week lows at 113.32. The U.S. 10-year treasury bond yields rose for the third consecutive trading session on Wednesday and were last at 3.13 percent. The 10-year Japanese government bond yield was 0.12 percent, h


In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent. The yen changed hands at 113.24 on the dollar, remaining under pressure in Asia after earlier sliding to three-week lows at 113.32. The U.S. 10-year treasury bond yields rose for the third consecutive trading session on Wednesday and were last at 3.13 percent. The 10-year Japanese government bond yield was 0.12 percent, h
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Dollar at 16-month peak, yen weakens as Bank of Japan keeps monetary policy steady

The Japanese yen edged lower against the dollar on Wednesday after the Bank of Japan signaled it was a long way off from exiting crisis-era stimulus, while the greenback scaled 16-month highs versus its key rivals on continued strength in the U.S. economy.

The Bank of Japan (BoJ) kept monetary policy steady on Wednesday and cut its price forecasts, reinforcing market expectations that subdued inflation will force it to maintain its massive stimulus program for the time being.

In a widely expected move, the BOJ maintained its short-term interest rate target at minus 0.1 percent and a pledge to guide 10-year government bond yields around zero percent.

The yen changed hands at 113.24 on the dollar, remaining under pressure in Asia after earlier sliding to three-week lows at 113.32. The dollar had gained 0.6 percent on the yen the previous day.

“I still see the main driver for the dollar/yen to be U.S. 10 year bond yields and the overall level of risk aversion in the system which can be gauged by the VIX index,” said Sim Moh Siong, currency strategist at Bank of Singapore.

The U.S. 10-year treasury bond yields rose for the third consecutive trading session on Wednesday and were last at 3.13 percent. The 10-year Japanese government bond yield was 0.12 percent, highlighting the wide gap in favor of the dollar.

The dollar index, a gauge of its value versus six major peers, climbed to a fresh 16-month high to hit 97.06.

The U.S. currency benefited from stronger than expected U.S. economic data as well as deteriorating fundamentals for the euro, which makes up around 58 percent of the index.

U.S. consumer confidence rose to an 18-year high in October, driven largely a robust labor market, suggesting strong economic growth could persist in the near term. That follows last week’s data which showed the U.S. economy slowed less than expected in the third quarter.

In contrast, economic data out of Europe disappointed analysts as the euro zone economy grew less than expected in the third quarter.

The euro changed hands at $1.1343, steady from its New York close, though it has lost 2.3 percent versus the greenback in October.

Political uncertainty in Germany, following chancellor Angela Merkel’s decision to step down in 2021, is also pressuring the single currency. Moreover, the stand-off between Rome and Brussels over Italy’s free spending budget, which is in breach of the European Union’s fiscal rules, has weighed on the euro.

Philip Wee, currency strategist at DBS, said in a note to clients that the gloomy backdrop might push the euro down to $1.12 in the current quarter, and is tipping an even lower $1.05-1.10 range in the first half of 2019.

The sterling held close to its mid-August lows, hovering at $1.2705, after credit ratings agency Standard & Poor’s said a ‘no-deal’ Brexit would be likely to tip Britain into a recession on Tuesday.

Some immediate catalysts for the sterling traders could come from the Bank of England’s monetary policy meeting on Thursday, when it is expected to keep interest rates on hold and detail conditions necessary for policy tightening.

The yuan was relatively flat in onshore trading at 6.9663, though it remains on a downward path after it fell to its lowest level in a decade this week.

With no sign of a let-up in the Sino-U.S. trade war, investors are betting on more weakness ahead and expect authorities will eventually allow the yuan to breach the key 7 to the dollar level for the first time since the global financial crisis.

The Australian dollar dipped 0.3 percent to $0.7084 after the release of tepid inflation data reinforced views that a rate increase remains a distant prospect.


Company: cnbc, Activity: cnbc, Date: 2018-10-31
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Hurricane Willa weakens while hurtling inland from Mexico’s Pacific coast

Hurricane Willa’s fierce winds began to ease as the powerful storm barreled inland over Mexico early on Wednesday, leaving power outages and toppled trees on the coast but no deaths, an official said. “Rapid weakening should begin soon,” the National Hurricane Center said late on Tuesday, as the eye of the storm moved toward the capital of Durango state. “It was really strong,” said Cecilia Crespo, a police spokeswoman in Escuinapa, a seaside town near to where the storm plowed inland. Willa had


Hurricane Willa’s fierce winds began to ease as the powerful storm barreled inland over Mexico early on Wednesday, leaving power outages and toppled trees on the coast but no deaths, an official said. “Rapid weakening should begin soon,” the National Hurricane Center said late on Tuesday, as the eye of the storm moved toward the capital of Durango state. “It was really strong,” said Cecilia Crespo, a police spokeswoman in Escuinapa, a seaside town near to where the storm plowed inland. Willa had
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Hurricane Willa weakens while hurtling inland from Mexico's Pacific coast

Hurricane Willa’s fierce winds began to ease as the powerful storm barreled inland over Mexico early on Wednesday, leaving power outages and toppled trees on the coast but no deaths, an official said.

Willa, a Category 3 storm on the five-step Saffir-Simpson scale, hit late on Tuesday near the town of Isla del Bosque in the northwestern state of Sinaloa with winds of 120 mph (195 kph), thrashing buildings with rain in the coastal towns and resorts where thousands of people moved to safety.

“The population took cover in time, and this is the result,” said Luis Felipe Puente, head of the country’s Civil Protection agency, adding that roads would be open on Wednesday.

“Rapid weakening should begin soon,” the National Hurricane Center said late on Tuesday, as the eye of the storm moved toward the capital of Durango state.

The storm was one of the most powerful hurricanes to hit Mexico from the Pacific in recent years.

“It was really strong,” said Cecilia Crespo, a police spokeswoman in Escuinapa, a seaside town near to where the storm plowed inland. “It knocked down trees, lamps, poles, walls,” she added by telephone. “There’s no electricity.”

The storm drove into Mexico about 50 miles (80 km) south of Mazatlan, a major city and tourist resort in Sinaloa. Willa had reached rare Category 5 status on Monday with winds near 160 mph (260 kph) before it began to lose power.

Willa weakened as it moved inland but was still blowing winds of 115 mph (185 kph) more than an hour after it struck the coast.

Speaking by telephone, Jose Garcia, another resident of the hardest-hit area, said he had hunkered down with others in an Escuinapa hotel waiting for the storm to pass, listening to it rattle buildings as it drove onwards.

“People were very alarmed,” the 60-year-old said.

The storm did not strike hard in Mazatlan’s historic city center, which was nearly deserted ahead of its arrival.

“My house is made of sheet metal, wood and cardboard, and I’m scared it will fall on top of me,” said Rosa Maria Carrillo, 36, at a city shelter with her five children.


Company: cnbc, Activity: cnbc, Date: 2018-10-24  Authors: source
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Hurricane Willa weakens to Category 3, closes in on tourist city of Mazatlan

Thousands of people were evacuated, buildings were boarded up and schools closed on Mexico’s Pacific coast on Tuesday as Hurricane Willa threatened to batter tourist resorts with high winds and heavy rains. Willa, which weakened to a Category 3 on the five-step Saffir-Simpson scale on Tuesday morning, was blowing maximum sustained winds of around 125 miles per hour (201 kph) with higher gusts, the Miami-based National Hurricane Center said. It had been a Category 4 storm earlier on Tuesday and h


Thousands of people were evacuated, buildings were boarded up and schools closed on Mexico’s Pacific coast on Tuesday as Hurricane Willa threatened to batter tourist resorts with high winds and heavy rains. Willa, which weakened to a Category 3 on the five-step Saffir-Simpson scale on Tuesday morning, was blowing maximum sustained winds of around 125 miles per hour (201 kph) with higher gusts, the Miami-based National Hurricane Center said. It had been a Category 4 storm earlier on Tuesday and h
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Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: alfredo estrella, afp, getty images
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Hurricane Willa weakens to Category 3, closes in on tourist city of Mazatlan

Thousands of people were evacuated, buildings were boarded up and schools closed on Mexico’s Pacific coast on Tuesday as Hurricane Willa threatened to batter tourist resorts with high winds and heavy rains.

Residents had sealed off windows and doors with large wooden planks on hotels facing the historic downtown boardwalk of Mazatlan, a popular coastal city in the northwestern state of Sinaloa.

Willa, which weakened to a Category 3 on the five-step Saffir-Simpson scale on Tuesday morning, was blowing maximum sustained winds of around 125 miles per hour (201 kph) with higher gusts, the Miami-based National Hurricane Center said. It had been a Category 4 storm earlier on Tuesday and had reached rare Category 5 status on Monday with winds near 160 mph (260 kph).

Forecast to be one of the most powerful hurricanes to enter Mexico from the Pacific in recent years, Willa was expected to gradually weaken further before striking a few miles south of Mazatlan as soon as Tuesday afternoon.

On Tuesday morning the storm was about 130 miles (209 km) south-southwest of Mazatlan, the hurricane center said. In Mazatlan, a steady rain fell with a slight breeze, while runners and tourists were out on the boardwalk. Some young men were surfing the higher-than-usual waves.


Company: cnbc, Activity: cnbc, Date: 2018-10-23  Authors: alfredo estrella, afp, getty images
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Euro weak as Italian budget raises EU political risks, yen weakens

The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index. This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro. The British pound hit a fresh 11-day low on


The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index. This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro. The British pound hit a fresh 11-day low on
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Euro weak as Italian budget raises EU political risks, yen weakens

The euro hovered near a one-week low against the dollar on Friday as the European Commission’s criticism of Italy’s populist budget sparked fresh concerns about political tensions in the common currency zone.

The dollar index, a gauge of its value against major peers, was 0.05 percent higher at 95.96 on Friday, having closed on Thursday at its highest level since Aug. 21. That rise was driven by a steep fall in the euro on Thursday, which constitutes around 57 percent of the index.

The euro was relatively flat at $1.1454 on Friday, steadying slightly after losing 0.4 percent overnight. The single currency hit its lowest intra-day level of 1.1447 since Oct. 9 on Thursday after the European Commission said Italy’s 2019 budget draft is in serious breach of European Union budget rules.

The Commission said in a letter to Italian Economy Minister Giovanni Tria, that planned government spending was too high, the structural deficit – excluding one-offs and business cycle effects – would rise instead, not fall, and that Italian public debt would not come down in line with EU rules.

This has sparked investor concerns about more political tensions in the EU between Brussels and member states, which has hurt the euro.

The gap between Italian and German 10-year bond yield spreads hit its widest level in 5-1/2 years after news of the Commission letter broke.

Italy’s prime minister defended the nation’s free spending budget, though markets were not impressed.

“The euro decline reflects the build up of political tension in the eurozone,” said Sim Moh Siong, currency strategist at Bank of Singapore.

“The next support for the euro is at 1.1430, a break of which can take us down to 1.13.”

The British pound hit a fresh 11-day low on Friday, but rebounded slightly to quote at $1.3020 versus the dollar.

Traders placed bearish bets on the sterling as a EU-UK summit failed to yield a decision on Britain’s exit from the euro zone.

British Prime Minister Theresa May, on Thursday said that the European Union’s proposal on the Irish border was unacceptable.

“Unless we get positive noises from Brussels, the impasse on Brexit and softer economic data suggests that the pound could underperform,” said Boris Schlossberg, managing director of currency strategy in a note.

The Japanese yen weakened 0.17 percent versus the dollar on Friday, to trade at 112.31.

The greenback lost 0.4 percent of its value to the yen on Thursday, reflecting the global risk-off mood due to rising geopolitical tensions between the U.S. and Saudi Arabia, Italy’s budget woes and U.S-Sino trade war tensions.

Wall street benchmark equity indices also tumbled more than 1.2 percent each, with technology stocks leading the pack.

China’s economic growth in the third quarter slowed to 6.5 percent, its weakest pace since 2009 and below expectations, as a campaign to tackle debt risks and the trade war with the United States weighed on the economy.

The yuan changed hands at 6.9339 on Friday, trading flat versus the dollar, after recovering from its intra-day low of 6.9416.

“Expectations have increased for the Chinese yuan to depreciate towards its psychological 7 level against the USD,” said Eugene Leow, rates strategist at DBS in a note.

Gold edged higher by 0.25 percent on Friday to trade at $1,227 per ounce.


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Dollar weakens, yen at October highs after US stocks slide


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Dollar weakens after data shows US wage gains were modest


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Euro weakens to 6-week low; Italian concerns weigh

Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control. The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”. “We are dealing with a war of words, with the euro on one side and Italy on the other … Most of the common currency’s losses came after Borghi, the economic head


Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control. The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”. “We are dealing with a war of words, with the euro on one side and Italy on the other … Most of the common currency’s losses came after Borghi, the economic head
Euro weakens to 6-week low; Italian concerns weigh Cached Page below :
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Euro weakens to 6-week low; Italian concerns weigh

The euro fell to a six-week low on Tuesday after a senior lawmaker in one of Italy’s ruling parties said most of the country’s problems would be resolved if it readopted a national currency.

Italy’s coalition proposed a budget with a higher-than-expected deficit target, exacerbating tensions with other euro zone leaders and worrying investors who want Rome to bring its debt under control.

The lawmaker, Claudio Borghi, later rowed back on the comments, while Prime Minister Giuseppe Conte said the euro was “unrenounceable”.

The single currency dropped as low as $1.1505, its weakest since Aug. 21, before retracing to $1.1547, down 0.3 percent on the day.

“We are dealing with a war of words, with the euro on one side and Italy on the other … There’s a lot of headline risk about,” Credit Agricole head of G10 FX Strategy Valentin Marinov said.

Most of the common currency’s losses came after Borghi, the economic head of the right-wing League party, said Italy would enjoy more favorable economic conditions outside the euro zone.

The euro has strong technical support at the $1.15 area, which is the 50 percent retracement level of its rally from August to September, said Win Thin, global head of currency strategy at Brown Brothers Harriman in New York. A break below this level could mean further euro weakness to the $1.13 area, Thin said.

The Australian dollar, often viewed as a barometer of risk appetite, fell 0.5 percent to $0.7188 as markets worldwide were spooked by the euro zone concerns. The Reserve Bank of Australia earlier held interest rates at 1.5 percent, a widely expected decision.

As the euro’s weakened, the U.S. dollar kept pushing higher even though investor positioning in the greenback looks stretched. The main driver is the U.S. Fed, they signaled they are comfortable with the U.S. economy to continue hiking rates, said Thin.

The U.S. dollar has strengthened against the euro since Wednesday, when the Federal Reserve raised interest rates as expected and said it foresees another rate hike in December, three more next year and one in 2020.

The dollar index rose 0.2 percent to 95.48, after getting as high as 95.744, the highest since August 21.


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Storm Florence weakens but epic rains still expected on US East Coast

North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. “This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland. Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.”This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atl


North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. “This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland. Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.”This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atl
Storm Florence weakens but epic rains still expected on US East Coast Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-16  Authors: ricky carioti, the washington post, getty images, joe raedle
Keywords: news, cnbc, companies, weather, coast, weakens, north, inches, expected, carolina, national, reported, storm, rain, epic, midatlantic, east, kph, rains, florence


Storm Florence weakens but epic rains still expected on US East Coast

North Carolina officials have reported at least 14 storm-related fatalities, with unconfirmed reports of a further deaths. South Carolina authorities reported one death.

“This is still a catastrophic, life threatening storm,” said Zack Taylor, a meteorologist with the National Weather Center’s Weather Prediction Center in College Park, Maryland.

Winds have dropped to about 40 miles per hour (65 kph) since it roared ashore along the U.S. mid-Atlantic coast on Friday as a hurricane and it is crawling west over two states at 6 mph (9 kph), the National Hurricane Center in Miami said early Sunday.

Taylor said the storm already dumped 30 inches of rain on some parts of the N.C.

“This storm is still deadly and dangerous and it’s expected to turn northward later today into Virginia and the mid-Atlantic,” he said.

North Carolina Governor Roy Cooper said: “This system is unloading epic amounts of rainfall, in some places measured in feet and not inches.” Rivers will continue to rise days after the rain has stopped, he said.

Around 50 stranded people were airlifted by helicopter in North Carolina, said Petty Officer Michael Himes of the U.S. Coast Guard. More than 26,000 hunkered down in shelters.


Company: cnbc, Activity: cnbc, Date: 2018-09-16  Authors: ricky carioti, the washington post, getty images, joe raedle
Keywords: news, cnbc, companies, weather, coast, weakens, north, inches, expected, carolina, national, reported, storm, rain, epic, midatlantic, east, kph, rains, florence


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