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Thread: US Dollar

  1. #11
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    Apr 2018
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    Dollar heads towards one-year highs as trade concerns dominate

    The dollar rose on Monday, edging towards a one-year high, as escalating trade war rhetoric between the United States and its trading partners helped the U.S. currency.

    Chinese stocks slumped nearly 2 percent as Beijing proposing tariffs on $60 billion worth of U.S. goods on Friday, while a senior Chinese diplomat cast doubt on prospects of talks with Washington to resolve the conflict.
    “The trade war concerns are supporting the dollar and there is a bit of a risk-off tone in the markets,” said Manuel Oliveri, a currency strategist at Credit Agricole in London.
    The dollar index, which measures it against a basket of six other major currencies, was about 0.2 percent higher at 95.27, heading back towards a more-than-one-year peak of 95.652 reached on July 19.
    The dollar gained against emerging-market currencies as we.. The Turkish lira weakened 0.6 percent, reaching a record low of 5.12 to the dollar after the United States announced late Friday it was reviewing Turkey’s duty-free access to U.S. markets – a move that could affect nearly $1.7 billion of Turkish imports.

    Currency markets remained cautious, with high-yielding currencies such as the Australian dollar weaker against the yen and the Swiss franc.

    With Friday’s U.S. jobs data broadly indicative of a strong economy and July inflation data due later this week, markets are primed for a further increase in U.S. Treasury yields, which should support the dollar.
    Yields on two-year U.S. debt have climbed nearly 40 basis points since April while the dollar has risen nearly 7 percent since then.
    Efforts by the Chinese central bank to curb currency weakness have proved ineffective. Both the onshore and offshore yuan were slightly weaker against the dollar.
    China’s central bank said it would set a reserve requirement ratio of 20 percent from Monday on financial institutions settling foreign exchange forward dollar sales to clients, effectively raising the cost for investors of betting against the yuan.
    Elsewhere, the euro held at a five-week low of $1.1550.

    Bart Wakabayashi, Tokyo branch manager at State Street Bank said the negative impact on markets from the trade tariff exchanges between Washington and Beijing is not as acute it had been previously.

  2. #12
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    Apr 2018
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    Forex - Dollar Under Pressure as Yuan Stabilizes, Euro Rallies

    The dollar fell against its rivals Tuesday, pressured by a rise in the Chinese Yuan as the People's Bank of China reportedly made a fresh attempt to steady the currency.
    The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, rose by 0.22% to 94.99.
    The People's Bank of China, PBoC, urged some lenders to prevent any “herd behavior” in the currency market, Bloomberg reported, citing people familiar with the matter.
    Some said the request from China's central bank was an attempt at curbing large banks from initiating the same positions as clients, or engaging in "herd behavior," amid a recent wave of bets against the yuan.
    The move helped stabilized the offshore yuan and arrived just days after the PBoC on Friday raised the cost of shorting the currency.
    A falling yuan runs the risk of large investment outflows from the China at a time of heightened concerns that President Donald Trump could up the trade-war ante with harsher trade penalties, stifling China's economy.
    USD/CHN fell 0.56% to 6.8272.
    U.S. economic data showing U.S. job openings undershot economists' estimates did little to help the greenback's attempt at paring losses.
    The U.S. Labor Department's latest Job Openings and Labor Turnover Survey(JOLTS) report, a measure of labor demand, showed job openings in June came in at 6.66 million, missing expectations of 6.74 million.
    Elsewhere, a stronger euro also weighed on the dollar, despite a steeper-than-expected decline in German industrial production.
    EUR/USD rose 0.34% to $1.1592, while USD/CAD rose 0.22% to C$1.3031.
    GBP/USD rose 0.06% to $1.2951, but remained at 11-month lows as fears of a no-deal Brexit offset upbeat U.K. house price data.
    USD/JPY fell 0.14% to Y111.25, while USD/CHF fell 0.22% to 0.9951.

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