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EUR-USD: Risk on or off?
FX Briefing
Highlights
Equity markets hope for additional support from the Fed
"Hard" US economic indicators show little recession risk
In Japan resistance is growing against the strength of the yen
Ruling party DPJ to elect new Japanese prime minister
EUR-USD: Risk on or off?
Recession fears and the debt crisis are continuing to dominate market action. The mood alternates between flashes of optimism on equity markets and panic attacks as last seen on Thursday afternoon. On bond markets, the picture is mixed: whereas spreads for Italian and Spanish government bonds have stabilised thanks to the ECB's purchases, yield spreads between Greek government bonds and comparable German Bunds have hit new record highs. Given the dispute about collateralisation of loans from the ...
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Dukascopy Afternoon Forex Overview : 22/08/2011
Previous session overview
Currency markets were relatively subdued during European trading hours Monday with the euro locked into a trading range against the dollar, while the yen held steady against the buck as traders braced for fresh action by Japan to tame the currency's strength.
Japan's Finance Minister, who controls decisions on intervention, stepped up his rhetoric against the yen's strength Monday, saying recent "one-sided yen moves" have been accelerating.
At 1046 GMT, the dollar was at JPY76.790 against the yen, compared with JPY76.54, while the euro was at JPY110.827 compared with JPY110.20.
More broadly, the picture was mixed with the dollar losing ground against the commodity-linked currencies of Australia, New Zealand and Canada.
Elsewhere, the euro was mostly higher ...
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Yuan hits record vs dollar, up 0.2 percent in May
SHANGHAI (Reuters)- The yuan touched a record high against the dollar on Tuesday, as the People's Bank of China set a new peak for the mid-point for the fourth straight session after the dollar index fell to a three-week low.
Before trade began, the PBOC set the yuan's daily mid-point at a record high of 6.4845 against the dollar, from Monday's 6.4856.
The central bank uses the mid-point to guide the currency.
Spot yuan hit a fresh peak of 6.4780 versus the dollar in late trade before closing at 6.4791 compared with Monday's close of 6.4829.
The Chinese currency has now appreciated 5.36 percent since it was depegged from the dollar in June 2010, and 1.71 percent since the start of this year.
In nominal terms, the yuan has risen only 0.2 percent this month, less than gains of 0.9 ...
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Dukascopy Afternoon Forex Overview : 25/05/2011
Previous session overview
Currency trading was mixed in European trading hours Wednesday, with the euro recovering much of the ground lost overnight against the dollar but hitting a record low against the Swiss franc and falling against sterling.
The dollar pared much of its Asian-session gains as investor sentiment revived after a shaky start, lifting risk-sensitive currencies like the euro, pound and commodity-linked currencies of Australia, Canada and New Zealand.
With U.K. clearing banks reportedly selling the single currency against sterling, the pound made significant gains. The euro fell to GBP0.8665, having earlier traded as high as GBP0.8708.
The dollar entered the US session modestly higher, with the euro on the backfoot, but it has pared gains after durable-goods orders ...
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Analysis: Dollar drop? You ain't seen nothin' yet if yuan jumps
(Reuters) - Americans worried about a weaker dollar may want to get used to it.
Whatever Treasury Secretary Timothy Geithner may say about a strong dollar being in U.S. interests, the likelihood is that the currency will fall sharply in the next few years. And you don't have to go much further than the pressure Washington is putting on China to revalue the yuan to explain why.
If the yuan appreciates between an annual 5-7 percent against the dollar over the next five years, as some analysts and traders expect, then the dollar is likely to slide anywhere between 20 to 30 percent on trade weighted and other indexes based on baskets of currencies.
And that isn't just the direct impact of the yuan on those indexes but because a strengthening of the Chinese currency would have a knock-on ...
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Dukascopy Morning Forex Overview: 06/05/2011
Previous session overview
The dollar stabilized against other key currencies in Asian trade Friday following sharp gains Thursday as a mass selloff in commodities pushed the greenback higher.
Oil prices were hit especially hard, with New York Mercantile Exchange crude futures tumbling below USD100 a barrel for the June contract, while silver futures dropped 8% Thursday in New York. Traders have in recent months been trading commodities and higher-yielding currencies against the dollar in cross-asset plays.
The ICE dollar index, which tracks the dollar against a basket of currencies, was at 74.112 from 74.086 in late New York trade. Among individual currencies, the dollar rose to JPY80.48 as of 0450 GMT, up from JPY80.05 late in New York and an earlier low of JPY79.57 Thursday, the ...
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Dukascopy Morning Forex Overview: 04/05/2011
Previous session overview
The safe-haven Swiss franc climbed to an all-time high against the dollar, which fell victim to the same risk aversion Tuesday that undercut stocks and commodities.
Meanwhile, the euro failed to get any significant boost against the dollar after the announcement of Portugal's bailout package from the European Union and the International Monetary Fund. The deal had been anticipated for weeks and the amount EUR78 billion fell within market expectations.
The dollar, which fell to CHF0.8595 versus the Swiss franc, also tumbled below JPY81 against the safe-haven yen. Fears of reprisals following Osama bin Laden's death added to the flight to safety.
The euro was at USD1.4824 from USD1.4830 late Monday. The dollar was at JPY80.94 from JPY81.24, while the euro was ...
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Dukascopy Morning Forex Overview: 02/05/2011
Previous session overview
The dollar was buoyed against major currencies in Asian trading Monday following news that Osama Bin Laden was dead, but sentiment toward the greenback stayed bearish after the Federal Reserve signaled last week it wouldn't tighten credit any time soon, even after completing its bond-buying program in June.
The euro, which benefited from speculation there will be a series of interest rate hikes by the European Central Bank this year, came under selling pressure against the dollar on the Bin Laden news and a fall in oil prices.
Bin Laden was killed in a targeted assault near Islamabad, according to a U.S. official. A Pakistani intelligence official described the raid as a "highly sensitive" joint intelligence operation.
The dollar was bought on the belief Bin ...
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U.S. dollar hits 3-year low
(Reuters) - The U.S. dollar hit a three-year low against a basket of currencies on Friday, ending the month with its biggest loss since September, with more weakness expected as the Federal Reserve keeps interest rates low while the European Central bank raises them.
Higher interest rates in Europe have undermined support for the dollar, boosting the euro by 11 percent so far this year.
The U.S. dollar index .DXY hit a three-year low of 72.834. The index has fallen for five straight months after tallying a 3.8 percent April decline.
"There is no fundamental reason for investors to buy dollars aside from the possibility that it is now undervalued," said Kathy Lien, director of currency research at GFT Forex in New York.
The dollar index last traded at 72.996, down 0.2 percent.
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