Tuesday, February 27, 2024

The dollar is nearing its highest level in 2021


Singapore (Reuters)

The dollar started near its highest level in the fourth quarter of 2021, and is heading towards reaching its best weekly performance since June, with investors looking to raise the Federal Reserve interest rate. Faster than its main counterparts.
The dollar was backed as a safe haven by Govt-19 concerns, volatile Chinese growth and a cautious market sentiment ahead of a deadline for the US government to raise its credit limit due to a lack of progress in Washington.
The dollar stood at 94.287, its 1.1 percent gain since the start of this week, the biggest weekly rise since June.
The euro also fell to $ 1.1578 yesterday, but fell about 1.3 percent during the week, and fell to about $ 1.16 from key support levels, touching its lowest level since July 2020. The yen rose to a 19-month low of overnight, but lost 0.6 percent a week to double that amount in two weeks as US Treasury yields attracted dollars from Japan. The Japanese currency last traded at 111.21 against the dollar.
Major 10-year Treasury yields have risen for the sixth week in a row and real 10-year yields are declining and rising much faster than their European counterparts.
Coins linked to commodities rose against the dollar on Thursday after a Bloomberg report advising Chinese energy companies to provide winter supplies at any price, but were under pressure yesterday.
Beijing is rushing to deliver more coal to utilities to recover goods in light of the power crisis that has destabilized markets by its potential negative impact on economic growth.
The price of iron ore, Australia’s major export, fell sharply against the dollar to $ 0.3203 against the US dollar in the third quarter, and fell 3.6 percent in the third quarter. Inventory, collapsed sharply.
The New Zealand dollar was down 0.2 percent at $ 0.6882.
Sterling fell 0.2 percent to trade at a nine-month low of $ 1.3452.

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Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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