Hong Kong/Archyde.com
The dollar held near a two-year high on Tuesday, as concerns regarding the economic impact of China’s anti-Covid-19 closures curbed the dollar’s safe-haven appeal while expectations of a US interest rate hike kept bond yields high.
The dollar index, which measures the performance of the US currency once morest six major currencies, fell 0.13 percent to 101.59 points, following reaching its highest level in two years at 101.86 last night.
The index has risen 3.3 percent since the beginning of the month, in what will be its largest monthly gain since November 2015.
“The bet for a further rise (for the dollar index) remains a good bet,” Westpac analysts said in a note. China’s growth risks are rising as the authorities continue their aggressive anti-Covid campaign, conditions in Ukraine remain volatile, and the Federal Reserve’s rhetoric remains as hawkish as ever.
However, the offshore Chinese yuan rose slightly to 6.5572 once morest the dollar following the People’s Bank of China said late on Monday that it would reduce the amount of foreign currency reserves that banks must hold.
This helped the currency recover from a one-year low of 6.609 per dollar hit yesterday, hit by concerns regarding economic growth in China.
Stock markets and US bond yields also rose on Tuesday amid an improvement in overall risk appetite.
The euro was at $1.0727, up 0.14 percent and down from a two-year low of $1.0697 hit on Monday, when the impact of market anxiety outweighed optimism for French President Emmanuel Macron’s re-election.
And the pound sterling recorded $ 1.2744, up 1.8 percent, following hitting its lowest level since September 2020 last night.
The Australian dollar rose 0.6 percent from a two-month low hit last night, following lockdowns in China affected commodity prices.
The dollar was little changed once morest the yen, reaching 128.16. The Japanese currency managed to recover slightly this week from a 20-year low of 129.40.
Bitcoin climbed slightly to $40,600, while Ether hit $3,000.
Researchers at cryptocurrency liquidity provider B2C2 said that trading in the cryptocurrency market is currently closely related to the stock markets, in the absence of any strong themes related to cryptocurrency.
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U.S. dollar
The price of the dollar rose at the end of trading today, Sunday
written by Alexandra Hartman Editor-in-Chief
price rose U.S. dollarAt the conclusion of transactions today, Sunday, April 10, 2022, in banks operating in the local market, and exchange companies, once morest the Egyptian pound, following the dollar price witnessed a significant movement following the Central Bank’s decision to raise interest rates on deposits and borrowing.
The price of the US dollar, once morest the Egyptian pound, in the National Bank of Egypt, Egypt and Cairo, reached 18.30 pounds for purchase, and 18.37 pounds for sale.
The price of the dollar, at the Commercial International Bank – Egypt, scored regarding 18.30 pounds for purchase, and 18.40 pounds for sale. 18.39 pounds for sale.
Currencies witnessed limited movements as a result of weak trading activity before the end of the year, and a decline in the number of currencies US dollar index During this week’s trading, it slightly increased by “-0.36%”, due to the improvement in risk sentiment, despite the increase in new cases of infection due to the Corona virus.
Read also The price of the dollar decreased by 26 piasters during trading today, Sunday
The dollar rises against the euro and the ruble continues to decline
written by Alexandra Hartman Editor-in-Chief
The dollar rose once morest the euro on Wednesday as investors worried regarding the impact of the escalating conflict in Ukraine on the economic outlook for the euro zone, while commodity-linked currencies consolidated gains.
The Russian ruble continued its decline to a new low once morest the backdrop of the severe damage caused to the Russian financial system by harsh Western sanctions following Moscow’s invasion of Ukraine.
“Evolution related to the war in Ukraine will continue to be the main driver of euro prices during the session,” said Shaun Osborne, senior exchange market analyst at Scotia Bank.
“The continued escalation of the conflict with the absence of clear solutions for Russia will push the euro towards the 1.10 barrier in the coming days,” he added.
The euro was down 0.3 percent once morest the dollar, following falling to a 21-month low of 1.1059 earlier in the session.
Meanwhile, US Federal Reserve Chairman Jerome Powell said on Wednesday that the Fed would press ahead with plans to raise interest rates this month in an attempt to curb inflation, even though the outbreak of war in Ukraine made the outlook “very foggy”.
The dollar index, which measures the performance of the US currency once morest a basket of six major currencies, rose 0.3 percent to 97.604. The index had jumped to 97,834, its highest level since June 2020, earlier in the session.
Commodity-linked currencies, including the Canadian, Australian and New Zealand currencies, have boosted their value as investors anticipate that they will benefit from higher commodity prices.
The Australian dollar rose 0.19 percent, the New Zealand dollar 0.2 percent and the Canadian dollar 0.4 percent.
Rising investor appetite for riskier currencies kept the Swiss franc and Japanese yen, two of the safe haven currencies, under pressure, with the dollar gaining 0.2% once morest the franc and 0.5% once morest the yen.
(Archyde.com)
A meeting between Russia and America plunges the dollar and safe haven currencies
written by Alexandra Hartman Editor-in-Chief
Safe-haven currencies and gold fell on Friday and risk-sensitive currencies such as the Australian dollar rose as investors took comfort from a plan for talks between the United States and Russia over the crisis in Ukraine.
The euro rose as the dollar weakened.
The yen and the Swiss franc, a rival safe haven, gained this week as investors worried regarding rising tensions on the Ukrainian border where Russia has deployed more than 100,000 troops. Western powers say Russia is looking for an excuse to invade, a charge Moscow rejects.
Sentiment improved following news late on Thursday that US Secretary of State Anthony Blinken had accepted an invitation to meet his Russian counterpart Sergei Lavrov next week.
The dollar rose 0.3 percent once morest the yen and reached a high of 115.3 yen, following touching a two-week low of 114.79 early Friday.
But the dollar is still down 0.3 percent once morest the Japanese currency this week.
The dollar also rose 0.2 percent once morest the Swiss franc to 0.9216 francs, while the euro rose 0.1 percent once morest the Swiss currency.
The Chinese yuan hit its highest level since April 2018 in overseas markets.
The Euro continued its fluctuations this week depending on the news of the Ukrainian crisis and settled during the day at $1.136.
Other currencies sensitive to investor sentiment rose, with the Australian dollar rising 0.4 percent to 0.7228 per dollar, before giving up some of its gains.
Gold loses some of its luster
Also, gold fell slightly from the key level of 1900 dollars, on Friday, as concerns eased in the markets with the possibility of a meeting between Russia and the United States regarding the escalation in Ukraine, but the recent rise put the yellow metal on the path to achieving gains for the third week in a row.
Spot gold fell 0.5 percent to $1,887.71 an ounce by 1042 GMT, following hovering earlier near its highest level since June at $1,902.22 on its way to recording a weekly increase of nearly 1.5 percent.
And US gold futures fell 0.7 percent to $ 1889.20.
Michael Hewson, chief market analyst at CMC Markets in Britain, said the US-Russia meeting scheduled for next week is likely to limit gold’s rally.
As for other precious metals, the price of silver in spot transactions rose 0.3 percent to $23.73 an ounce, on its way to achieving weekly gains, and platinum fell 2.8 percent to $2300.68, on its way to falling this week.
Palladium fell 0.5 percent to $ 1083.63, following rising regarding 5.5 percent this week, recording the highest weekly gain since mid-January. (Archyde.com)
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