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Despite a shift away from risk-sentiment today, the Pound New Zealand Dollar (GBP/NZD) exchange rate is struggling to ma...
22/04/2021

Despite a shift away from risk-sentiment today, the Pound New Zealand Dollar (GBP/NZD) exchange rate is struggling to make much of an advance. Sterling’s (GBP) outlook remains strong overall, but today’s UK inflation report did little to boost it higher.

Last week saw GBP/NZD open at the level of 1.9494 before spending most of the week tumbling lower. GBP/NZD even touched on a low of 1.9183, the worst level for the pair in over a month, before steadying and closing the week at the level of 1.9370.

The loonie slumped Wednesday after the Bank of Canada became the first major central bank to rein in its bond buying pro...
22/04/2021

The loonie slumped Wednesday after the Bank of Canada became the first major central bank to rein in its bond buying program, and laid out the red carpet for a shift away from an ultra accommodative policy.

USD/CAD fell 0.88% to C$1.2496.

The Bank of Canada left its benchmark rate unchanged at 0.25%, but tapered the pace of weekly bond buying to C$3 billion per week from C$4 billion.

The central bank is believed to have bought up nearly 50% of the country’s outstanding debt after a massive monetary stimulus program was rolled out last year, that now appears to have been somewhat excessive.

The dollar was down on Thursday morning in Asia, remaining near multi-week lows as falling gains in U.S. Treasury yields...
22/04/2021

The dollar was down on Thursday morning in Asia, remaining near multi-week lows as falling gains in U.S. Treasury yields diminished the safe-haven U.S. currency’s interest-rate advantage.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.03% to 91.105 by 12:51 AM ET (4:51 AM GMT).

The USD/JPY pair inched down 0.10% to 107.94, close to a seven-week low.

The AUD/USD pair inched down 0.10% to 0.7743 and the NZD/USD pair was down 0.30% to 0.7190.

The USD/CNY pair inched down 0.04% to 6.4874, with the onshore yuan rising to its strongest level since Mar. 12. at 6.4828 per dollar.

Data website CoinMarketCap cited https://coinmarketcap.com/headlines/news/chinas-xinjiang-blackout-and-bitcoin-hashrate-...
19/04/2021

Data website CoinMarketCap cited https://coinmarketcap.com/headlines/news/chinas-xinjiang-blackout-and-bitcoin-hashrate-correction-caused-btc-price-crasha blackout in China’s Xinjiang region, which reportedly powers a lot of bitcoin mining, for the selloff.

Luke Sully, CEO at digital asset treasury specialist Ledgermatic, said in an email that people "may have sold on the news of the power outage in China and not the impact it actually had on the network".

"The power outage does expose a fundamental weakness; that although the Bitcoin network is decentralized the mining of it is not," Sully added.

TOKYO (Reuters) -The dollar was pinned near a one-month low to major peers on Monday, with Treasury yields hovering near...
19/04/2021

TOKYO (Reuters) -The dollar was pinned near a one-month low to major peers on Monday, with Treasury yields hovering near the lowest in five weeks, after the U.S. Federal Reserve reiterated its view that any spike in inflation was likely to be temporary.

The safe-haven greenback was also held down by improved risk sentiment amid a rally in global stocks to record highs.

Bitcoin nursed losses from Sunday, when it plunged by as much as 14% to $51,541. It last traded around $57,020.

The dollar index, which tracks the currency against six rivals, was at 91.623, not far from the low of 91.484 marked last week, a level not seen since March 18.

The greenback bought 108.655 yen, near the lowest since March 24.

The euro changed hands at $1.1958, near the highest since March 4.

The dollar looks set to post a second-straight weekly decline Friday, shrugging off a wave positive data earlier this we...
17/04/2021

The dollar looks set to post a second-straight weekly decline Friday, shrugging off a wave positive data earlier this week, and will continue to do so as most of the good news has already been priced in, Commerzbank (DE:CBKG) said.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.01% to 91.55.

Data earlier this week including retail sales and initial jobless claims surprised to the upside, but that drew little support to the dollar. The humdrum reaction suggests "the positive effect of Biden’s economic stimulus package and good vaccination progress in the US is largely priced in," Commerzbank said. "Strong U.S. data can no longer support the U.S. dollar."

With most of the strong data and positive vaccine news now priced in, the greenback will struggle to make gains in the short-term.

WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds...
17/04/2021

WASHINGTON (Reuters) -The U.S. Treasury Department on Friday said Vietnam, Switzerland and Taiwan tripped its thresholds for possible currency manipulation under a 2015 U.S. trade law, but refrained from formally branding them as manipulators under a separate law.

In the first semi-annual foreign exchange report issued by Treasury Secretary Janet Yellen, the Treasury said it will commence "enhanced engagement" with Taiwan and continue such talks with Vietnam and Switzerland after the Trump administration labeled the latter two as manipulators in December.

Treasury said Taiwan, Vietnam and Switzerland exceeded its 2015 currency thresholds during 2020 - a more than $20 billion bilateral trade surplus with the United States, foreign currency intervention exceeding 2% of gross domestic product and a global current account surplus exceeding 2% of GDP.

Despite a lack of particularly strong appeal for the Pound (GBP), investors bought the Pound South African Rand (GBP/ZAR...
17/04/2021

Despite a lack of particularly strong appeal for the Pound (GBP), investors bought the Pound South African Rand (GBP/ZAR) exchange rate back from its worst levels at the end of the week. Investors are hesitant to sell Sterling too much, as the outlook remains strong overall.

After opening last week at the level of 20.01, GBP/ZAR briefly trended steadily before its downside movement gained momentum.

Ultimately, GBP/ZAR plunged half a Rand and hit a low of 19.49. This was the worst GBP/ZAR level in over a year, since early-2020.

At the time of writing on Friday afternoon though, GBP/ZAR is attempting to rebound. The pair currently trends in the region of 19.75.

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