Thursday, August 5, 2021
All countries COVID-19 Cases
Total confirmed cases
Updated on August 5, 2021 4:38 AM

The dollar is set for the fourth weekly decline of the dovish Fed; Loonie at her highest level in 3 years By Reuters

Must Read
- Advertisement -
© Reuters. One US dollar bill

By Kevin Buckland

TOKYO (Reuters) – The US dollar slid into a fourth consecutive weekly decline against a basket of major pairs on Friday as the Federal Reserve kept its message of ultra-low interest rates longer.

It was on track to close the week down 0.2%, bringing its April losses to 2.8%. A four-week losing streak would be the longest since the six-week drop to the end of July, and the monthly loss would also be the largest since the 4% drop in July.

The loonie rose to a more than three-year high of Cdn $ 1.2273 per dollar on Friday, en route to a 1.7% weekly gain that would be the highest since early November.

At the conclusion of the latest Fed policy meeting on Wednesday, President Jerome Powell acknowledged the growth of the US economy, but said there was not yet enough evidence of “further substantial progress” toward recovery to justify a policy change.

That growth accelerated in the first quarter, fueled by government stimulus controls, setting the course for what is expected to be the strongest performance this year in nearly four decades.

Signs that a stronger economy, particularly in the labor market, could force the Fed to reduce its asset purchase program earlier had pushed the dollar index, or DXY, to a five-month high at the end of March. .

“DXY may attempt a rally in the coming days as expectations turn into a potential April payroll blockbuster next week, but gains will be short-lived with Fed officials strongly underlining the stance. Powell’s moderate, “Westpac strategists wrote in a note to the client.

The indicator is likely to dip below 90 in the near term, from the current 90.6, but “the DXY depreciation trend is probably more of an ongoing grind than a sharp setback,” they said.

The Fed’s moderation was in stark contrast to that of the Bank of Canada, which has already begun to reduce its asset purchases. Commodity-linked Canada got additional support from a rise in oil prices to a six-week high.

Higher commodity prices also supported the Australian dollar, which gained 0.2% to $ 0.77795, climbing back toward the six-week high of $ 0.78180 touched on Thursday.

The euro has been practically flat at $ 1.2122, close to a two-month high of $ 1.2150 set in the previous session. The shared currency is up 0.2% for the week and 3.3% for the month.

The yen saw opposite fortunes, hurt by a recovery in US Treasury yields and a rally to record highs for global stocks that undermined demand for the safest assets.

Japan’s currency changed hands at 108.86 to the dollar, close to a two-week low of 109.22 on Thursday, setting it up for a loss of around 1% for the week.

In cryptocurrencies, ether held just below a record high of $ 2,800.89 set on Thursday, after being raised this week in media reports on the European Investment Bank’s plans to launch a “digital bond” sale. on the ethereum blockchain network.

The biggest rival bitcoin traded at $ 53,511.89, wavering around that level this week after falling as low as $ 47,004.20 on Sunday following a sharp pullback from the record high of $ 64,895.22 set in the middle of the month.

============================================== = = =====

Currency offer prices at 119 GMT

Description RIC Last US Closing Percentage Change YTD Pct High Bid Low Bid

Previous change


Euro dollar

$ 1.2123 $ 1.2122 + 0.01% -0.78% +1.2127 +1.2117

Dollar / yen

108.8470 108.9100 -0.05% + 5.39% +109.0450 +108.8600

Euro / yen

131.96 131.99 -0.02% + 3.97% +132.1900 +131.9400

Dollar / Swiss

0.9084 0.9089 -0.05% + 2.68% +0.9092 +0.9085

Pound sterling / dollar

1.3954 1.3946 + 0.09% + 2.17% +1.3957 +1.3941

Canadian dollar

1.2273 1.2278 -0.01% -3.59% +1.2283 +1.2272

Aussie / dollar

0.7776 0.7766 + 0.14% + 1.09% +0.7783 +0.7767

New Zealand

Dollar / Dollar 0.7247 0.7243 + 0.06% + 0.92% +0.7250 +0.7241

All the places

Tokyo locations

Spots of europe


BOJ Tokyo Forex Market Information

- Advertisement -


Please enter your comment!
Please enter your name here

- Advertisement -
Latest News

‘Olympic Gold Games’: Tokyo non-medalists to win P500K award – POC

Carlos Yulo came very close to getting an unexpected medal. - REUTERS MANILA, Philippines - Filipino athletes who...
- Advertisement -

More Articles Like This

- Advertisement -