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Home Markets Currencies

U.S dollar keeps rising against Euro, British pound sterling

Olumide AdesinabyOlumide Adesina
2 years ago
in Currencies, Market Views
Dollar, 10 ways to save and make more investments

Dollar bills in glass jar on wooden background. Saving money concept.

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The U.S dollar remained firm at the last trading session of the week. Despite a significant improvement in risk appetite across global financial markets, investors are flocking into the safe-haven currency, as COVID-19 remains a major headache.

What you should know: The dollar index, at the time of drafting this report, was up by 0.15% to trade at 90.662 at Friday’s early session in London.

The U.S dollar index is on track for a 0.5% weekly gain, following record buying at the start of the week amid concerns that President Joe Biden’s fiscal spending package will not be as large as earlier anticipated.

READ: Why Ajaokuta Cannot Make Steel

Quick fact

  • The U.S. Dollar Index tracks the American dollar against a basket of other major currencies (like the Japanese yen, British pound sterling, Swedish Krona, and Euro).
  • Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay fewer dollars in meeting such obligations.

READ: Expansionary monetary policy expected to support Nigerian, global stocks

Stephen Innes, Chief Global Market Strategist at Axi, gave critical insights to macros affecting the U.S dollar’s arch-rivals.

“A sharp sell-off in iron ore prices is a worrisome development for commodity linkers, more so Latin American producer and their currencies. China tightens bleeds into Asia risk assets like iron ore.

READ: Gold suffers its worst January performance since 2011 amid rising U.S dollar

“GBP is not showing the kind of sensitivity to risk. The lack of drama in much of the FX market may reflect a view that equity market tribulations are stock-specific VAR-styled sell-offs in nature rather than a reflection of global risk themes that would carry significant bond or cross-asset leakage.”

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Tags: British pound sterlingChief Global Market StrategistEuroJapanese yenStephen InnesU.S dollar index

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