The dollar climbed against the Japanese yen on Tuesday after businesses and investors covered a shortfall in the U.S. currency, but overall market sentiment remained gloomy due to intensifying risks of the pandemic.
The Chinese yuan remained steady despite a growth recovery in the manufacturing sector in March, as investors stayed skeptical of the recovery considering that many businesses still struggled to resume operations amid global lockdowns.
The British pound fell against the dollar and the euro, brought down by low sovereign ratings that emphasized the need for a larger fiscal stimulus.
The trading data for Japan’s fiscal year will end Tuesday, and analysts expect volatile swings in the market as the market closes its books.
Analysts warned that a global recession remains a huge factor in trading and will more likely favor currencies least affected by worsening economic activity.
The dollar climbed 0.69%, at 108.55 against the Japanese yen. The euro lost 0.24%, at $1.1013. The pound dropped 0.71%, at $1.2331.
The dollar rose to 0.9610 against the Swiss franc while the pound sank 0.5%, at 89.34 pence against the euro.
In the onshore market, the Chinese yuan steadied at $7.0977. The New Zealand dollar recovered and steadied at 0.6029 against the dollar while the Australian dollar was at $0.6174.
The Dollar fell to two-year lows on Friday, heading to its lowest decline in 10 years as concerns mounted over the economic recovery of the U.S. amid a second resurgence of the COVID-19 pandemic. The Dollar index plunged to 92.777, on course ...
Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The dollar was briefly lifted on Thursday after the U.S. Federal Reserve offered no concrete clues about its next course of action, while investors hoped for an easy policy as the coronavirus resurgence stalled economic recovery. The dollar ...
Asian stocks advanced on the prospect of ultra-easy monetary policy as the U.S. Federal Reserve kept interest rates near zero. Fed deemed it necessary to salvage the ailing economy, dragging the dollar down to a two-year low. The target range ...
The outlook for India’s struggling economy has darkened further on weak business activities and surging virus cases. This will likely prompt the Reserve Bank of India to lower interest rates again, a Reuters survey showed. According ...