Baku, Azerbaijan, July 3 By Anvar Mammadov - Trend: The China’s yuan (CNY) weakened further overnight after Chinese authorities set the fix lower for the CNY once again, with USD/CNY rising above 6.72 overnight before settling back toward 6.67 as of this writing, Head of FX Strategy at Saxo Bank John Hardy told Trend on July 3. At its weakest levels overnight, the currency had weakened over 4.5 percent versus the US dollar in the space of less than three weeks, he noted. “The key question here is whether China is trying to send a message to President Trump in the showdown over trade or whether the message is intended for the Powell Fed,” Hardy said. “In other words, China may be looking back to the early 2016 timeframe and how the strong US dollar finally triggered then-Fed chair Yellen to back away on forward guidance on further rate hikes – seen at the time as the key change of course that revived global markets.” “Perhaps China is hoping it … [Read more...] about Will China be able to stop US dollar’s increase?
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By April 8, 2018, 3:15 PM EDT The Iranian rial hit a record low against the U.S. dollar for the second time in two months over concerns about Iran’s economy, rattling businesses and prompting some currency dealers to suspend trading.The rial fell to a record low of 57,000 against the dollar by late afternoon on the unregulated currency market, according to the semiofficial Iranian Students’ News Agency. Several foreign-exchange dealers announced they had stopped selling both dollars and euros by late afternoon trade, according to ISNA.The greenback first breached 50,000 Iranian rials in February. Authorities arrested scores of traders whom it blamed for deliberately driving the devaluation in order to profit from it. The Central Bank sought to stabilize the currency by issuing a bond and temporarily allowed banks to increase rates on deposits in an attempt to draw investors away from the dollar.The euro also hit a record 60,000 rials last week and was selling for … [Read more...] about Iranian Rial Hits Record Low; Dealers Stop Trading Dollar, Euro
LONDON'S top-flight index rebounded on Friday as a stronger US dollar took the edge off sterling's rally and encouraged investors to snap up multinational stocks. The FTSE 100 Index closed up 49.70 points at 7,665.54, with the American dollar finding some support after US President Donald Trump indicated his preference for a strong US currency. US Treasury Secretary Steven Mnuchin also pulled back on comments suggesting he was in favour of a weaker US dollar that would boost overseas trade. Loading article content A fall in the pound and a stronger US dollar can spur investors towards buying multinational stocks on the London market because their overseas earnings benefit from a more favourable currency translation. Sterling was, at 5pm yesterday, trading around $1.4178, down 0.85 cents on its Thursday close. The pound was slightly weaker against the euro. Connor Campbell, financial analyst at Spreadex, said the US dollar saw losses ease despite "far worse than forecast" US … [Read more...] about London market rebounds as US dollar narrows losses
The pound has climbed above the 1.40 mark against the US dollar for the first time since the Brexit vote sent the UK currency into free fall. Sterling reached 1.402 versus the greenback on Tuesday, as further weakness from the American dollar pushed the pound beyond the psychologically-important milestone. But the pound remains adrift of levels close to 1.50 it reached versus the dollar ahead of the Brexit vote. Brighter than expected Government borrowing data also gave impetus to currency traders, with figures from the Office for National Statistics (ONS) showing public sector net borrowing, excluding state-owned banks, falling by £2.5 billion to £2.6bn in December. Loading article content The pound was 0.2 per cent lower against the euro, while the FTSE 100 closed up 16.39 points to 7,731.83 thanks to a boost from no-frills airline easyJet. James Hughes, chief market analyst at Axitrader, said: "GBP/USD posted fresh 19-month highs during today's session, after … [Read more...] about Weak US dollar helps pound to post-Brexit vote high
THE pound has hit a new post-Brexit vote high versus the US dollar, despite concerns over what Carillion's collapse will mean for the wider UK economy. Sterling climbed 0.5 per cent against the greenback to 1.380 - marking the highest level for the currency pair since June 24, 2016. That was compared to flat trading against the euro, with sterling at 1.125. US dollar weakness was one of the main drivers, amid fears that monetary policy will tighten quicker overseas where inflation is rising. Loading article content Michael Hewson, chief market analyst at CMC Markets UK, said: "The US dollar index has continued its slide, hitting three-year lows against a basket of currencies, as speculation about tighter monetary policy elsewhere in the world weighs on the greenback." The fall in the dollar helped to offset worries over the pending liquidation of construction and outsourcing giant Carillion. "The pound has also found further support trading above the 1.3800 level for the … [Read more...] about US dollar weakness helps push pound to fresh post-Brexit vote high