Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Markets Currencies

Greenback gains ground as global investors turn to safe haven assets

Olumide Adesina by Olumide Adesina
July 10, 2020
in Currencies
parallel market, greenback, U.S dollar rises against major currencies, U.S and China’s economic data support the dollar, U.S dollar gains ground, U.S. President Trump boosts investors’ Optimism, Exchange rate stabilizes across forex markets as CBN moves against abuse by dealers
Share on FacebookShare on TwitterShare on Linkedin

The greenback gained some ground at London’s trading session, as currency traders and many global investors turned to the safe-haven asset. Earlier on Thursday, the world’s largest economy reported over 60,000 COVID-19 cases, thus weakening hopes of accelerated economic recovery.

The U.S. Dollar Index, which tracks the American dollar against a basket of major currencies, gained 0.19% to 96.858 by 5.56 am local time on Friday.

“The market was in a mild risk-off mood, following pretty bad [COVD-19] figures from Florida,” Kyosuke Suzuki, director of currencies at Societe Generale told Reuters.

RelatedPosts

Naira falls further at the official market as forex turnover declines

Ghanaian cedi has lost 22% against the US dollar since the start of 2022

Explore Economic Research Data From Nairametrics on Nairalytics

Why tracking the U.S dollar Index helps: Individuals hoping to meet foreign exchange payment obligations, and process transactions via the dollar to countries like England, France, or Japan, will need to pay fewer dollars for such transactions.

The American Dollar Index tracks the dollar’s strength relatively against a bouquet of other major currencies around the world, such as Japanese yen, Euro, British pounds sterling, Swedish krona, Canadian dollar, Swiss Franc, etc.

Stephen Innes, Chief Global Market Strategist at AxiCorp, in a note to Nairametrics, explained why the odds on the greenback seem to be gaining traction. He said:

“What was interesting in Asia and UK trades yesterday was ‘Risk on’ currencies held on but were reluctant to punch higher despite the better tone in equity markets led by continued gains in China and the tech sector.

READ ALSO: Gold up as U.S. hits record number of COVID-19 cases

“This suggests that there were some doubts if the time was now for a good old-fashioned reflation trade driven by government spending, central bank liquidity, moral suasion (China telling citizens to buy stocks), and some quirky supply issues in copper and lumber.

“Despite the Forex market fickleness and risk on risk-off proclivities, I still see this is a textbook USD down environment, and I see no reason to stand in the way.”

READ ALSO: Safest, regulated Cryptocurrency, Arcoin backed by U.S. Treasury securities

In addition, America is presently responsible for over 3.1 million COVID-19 cases. There are still over 12.2 million cases and 550,000 deaths globally as of July 10, according to John Hopkins University data. Some states reported a record number of new cases on Thursday.

Related

Tags: American dollar indexBusiness NewsDollarJohn Hopkins UniversityMoney markets

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Mega Millions
Hot forex
Cornerstone
Polaris Bank
Access Bank
Bankers Committee
First bank


FCMB
Ikeja Electrics




    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa
    • Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements
    • NGX closes flat as market capitalization grows slightly by over N6 billion

    Follow us on social media:

    Recent News

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    Nigeria’s BlackHouse Media ranked number 3 agency in Asia pacific, middle east, and Africa

    July 1, 2022
    FBN Quest, Cordros, Apel lead best performing stockbroking firms in October 2021

    Nigerian Exchange suspends Royal Exchange, C&I Leasing, 7 others for default in audited financial statements

    July 1, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Financial Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Metrics
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • Business News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com