Tag: dollar

Dollar index slips but holds near 3-week lows; yuan drops

By Chuck Mikolajczak

New York (Reuters) – The dollar index was little changed near three-week lows on Monday as optimism over the possibility of a COVID-19 relief bill was curbed by concern over the pandemic, while China’s yuan fell after the People’s Bank of China (PBOC) changed its reserve requirements policy.

On Sunday, the Trump administration called on Congress to pass a stripped-down coronavirus relief bill using leftover funds from an expired small-business loan program, as negotiations on a broader package continue to run into roadblocks. A White House spokeswoman said on Monday that Senate Republicans will go along with what Trump wants in legislation.

The greenback has held within a range of about 2% over the past three weeks as talks have gone back and forth. The dollar had its biggest loss in six weeks on Friday amid rising hopes a fiscal stimulus package would be agreed to stem

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Central Bank Policies Weigh On The Value Of The Dollar And All Fiat Currencies (NYSEARCA:UDN)

On October 1, I suggested that the dollar index bounce would run out of upside steam sooner rather than later. In that piece, I wrote, “I continue to favor selling the dollar on a scale-up basis during the current rebound.” On October 1, the dollar index was trading at around the 94 level. On October 2, it reached a high of 94.09. Since them, the index has been back on slippery slope lower and was just above the 93 level on Monday, October 12.

The dollar is the world’s reserve currency, and the dollar index measures the value of the US currency against other reserve currencies. The index has a 57.6% weighting against the euro, the second leading reserve currency. Status in the exclusive club is limited to foreign exchange instruments that central banks worldwide favor as currency holdings. For most monetary authorities, the dollar and euro

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Dollar index slips but holds near three-week lows; yuan drops

New York (Reuters) – The dollar index was little changed near three-week lows on Monday as optimism over the possibility of a COVID-19 relief bill was curbed by concern over the pandemic, while China’s yuan fell after the People’s Bank of China (PBOC) changed its reserve requirements policy.

FILE PHOTO: Chinese yuan and U.S. dollar banknotes are seen in this illustration taken February 10, 2020. REUTERS/Dado Ruvic/File Photo

On Sunday, the Trump administration called on Congress to pass a stripped-down coronavirus relief bill using leftover funds from an expired small-business loan program, as negotiations on a broader package continue to run into roadblocks. A White House spokeswoman said on Monday that Senate Republicans will go along with what Trump wants in legislation.

The greenback has held within a range of about 2% over the past three weeks as talks have gone back and forth. The dollar had its biggest loss

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Gold retreats from three-week high on stronger dollar

By Eileen Soreng

(Reuters) – Gold fell back from a three-week high on Monday as the dollar firmed, although hopes for a new U.S. coronavirus aid package checked the precious metal’s losses.

Spot gold slipped 0.1% to $1,928.06 per ounce by 0329 GMT, after hitting its highest level since Sept. 21 at $1,932.96 earlier in the session. U.S. gold futures were up 0.4% at $1,934.10.

“The dollar index has rebounded slightly, weighing on the precious metal,” said Margaret Yang, a strategist with DailyFx, which covers currency, commodity and index trading.

But, “the technical trend has turned bullish in the near term and very soon it may test the key resistance level of $1,942,” she added.

The dollar index was up 0.1% against rivals, after negotiation on the U.S. stimulus package ran into resistance and as the yuan dropped after China’s central bank took a measure seen as aimed at curbing

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CANADA FX DEBT-Canadian dollar pares weekly gain as U.S. political uncertainty climbs

(Adds economist comments and details throughout; updates
prices)

* Canadian dollar falls 0.2% against the greenback

* Price of U.S. oil settles 4.3% lower

* The loonie gains 0.6% for the week

* Canadian bond yields trade mixed across a steeper curve

By Fergal Smith

TORONTO, Oct 2 (Reuters) – The Canadian dollar weakened
against the greenback on Friday as U.S. political uncertainty
pressured Wall Street and oil prices, but the loonie still
gained ground on the week, overcoming a rise in domestic
coronavirus cases.

The loonie was trading 0.2% lower at 1.3309 to the
greenback, or 75.14 U.S. cents, having traded in a range of
1.3277 to 1.3330. For the week, the loonie was up 0.6%.

The rising number of COVID 19 cases in Canada hampered the
loonie earlier this week but the currency has benefited from a
pull back in the U.S. dollar, said Hendrix Vachon, a senior

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Fundamental and technical agreement on a rising US dollar

  • USD/CAD gains 1.4% on the week, highest close since August 3
  • Pandemic down channel from March broken with Monday surge
  • USD/CAD participates in general US dollar recovery in the major pairs
  • FXStreet Forecast Poll predicts consolidation not strong gains in USC/CAD

The US dollar returned to the offensive this week with a successful assault on the six-month old descending channel that began in the COVID-19 panic in March.

 Monday’s open at 1.3204 coincided with the upper border of the channel and after a brief dip to 1.3171 the pair moved to and through the limit, paused at 1.3240 and then continued straight to 1.3300 and the Monday close at 1.3307.  After Tuesday’s consolidation and close at 1.3304 the efforts in the three final sessions were almost identical with closes of 1.3387 on Wednesday and 1.3362 on Thursday.  Friday’s end at 1.3388 brought the USD/CAD to its highest conclusion since August

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Cheap dollar won’t revive NYC real estate market anytime soon

A weaker U.S. dollar likely won’t give Manhattan real estate its usual boost after the New York borough emerges from its COVID-19 lockdowns.

This means wealthy foreign buyers, who typically scoop up luxury Big Apple properties at a favorable rate, won’t be in the game this time around.

“New York has been one of the most challenged real estate markets, certainly in the country, if not the world,” Scott Crowe, chief investment strategist at CenterSquare Investment Management, an $11 billion real estate asset manager based in Plymouth, Penn tells FOX Business.

NYC BRICK-AND-MORTAR RETAIL IS DEAD: DON PEEBLES

Prices for residential and commercial listings in Manhattan, New York City’s most densely populated borough, have plunged about 10%, on average, since the outbreak of COVID-19 as New Yorkers have fled in droves amid a wave of crime that

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Dow Futures Edge Higher, Dollar Gains As US Markets Steady

The Thursday Market Minute

  • Global stocks slide following last night’s sell-off on Wall Street as investors continue to focus on the economic impact of a coronavirus resurgence and the potential for U.S. electoral chaos.
  • President Donald Trump refuses to commit to a peaceful transition of power during a question-and-answer with reporters, suggesting election night controversies that could hammer stocks and disrupt world markets.
  • The U.S. dollar climbs to a near two-month high against its global peers as cautious traders position themselves into the final weeks before the November vote.
  • Oil prices slip lower after a bigger-than-expected drawdown in U.S. crude and data showing fuel demand is down nearly 10% from last year.
  • U.S. equity futures suggest a mixed open on Wall Street ahead of weekly jobless claims at 8:00 am Eastern time and Fed Chairman Jerome Powell’s third day of Congressional testimony, this time to the Senate Banking Committee, at
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Dollar set for weekly loss as economic confidence sags

By Eimi Yamamitsu

TOKYO, Sept 18 (Reuters)The dollar held tight ranges on Friday but was set for a weekly loss against major counterparts after downbeat data cast a shadow over the economic outlook, while positive comments from New Zealand’s finance minister helped prop up the kiwi.

The dollar =USD gave up gains made after the Federal Reserve upgraded its 2020 economic forecast this week to trade in negative territory on Thursday. It was last quoted at 92.923 against a basket of major currencies, on track for a 0.3% weekly loss.

U.S. data on Thursday showed jobless claims remained elevated at 860,000, while housing starts and the Philadelphia Fed business index fell.

The Fed said on Wednesday it expected the U.S. economy to shrink by far less than previously forecast in 2020 and promised to keep rates ultra-low for a prolonged period.

The dollar was little changed against

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Canadian dollar climbs to near one-week high on dovish Fed

FILE PHOTO: A Canadian dollar coin, commonly known as the “Loonie”, is pictured in this illustration picture taken in Toronto January 23, 2015. REUTERS/Mark Blinch

TORONTO (Reuters) – The Canadian dollar rose to its strongest level in nearly one week against the greenback on Wednesday, before giving up some of its gains, bolstered by higher oil prices and the Federal Reserve’s promise to keep interest rates pinned near zero.

The Fed released new economic projections which showed interest rates on hold through at least 2023, with inflation never breaching 2% over that time.

“The message is dovish, dovish, dovish,” said Michael Goshko, corporate risk manager at Western Union Business Solutions. “The Fed’s emphasis on U.S. interest rates being low for longer … might just give the green light to Canadian dollar bulls.”

The price of oil, one of Canada’s major exports, jumped following a drawdown in U.S. crude and gasoline

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