GulfBase Live Support
28/05/2015 11:16 AST
The dollar rallied into a fourth session on Wednesday, as investors added to their bets that the U.S. recovery would push forward the timeline for higher borrowing costs.
The dollar reached a nearly eight-year high against the yen, advancing 0.5% to 123.75 yen in late-afternoon trade. It reached Y124.09 during the session, the highest against the Japanese currency since June 22, 2007. The Wall Street Journal Dollar Index, which tracks the dollar against a basket of 16 widely traded currencies, climbed for a fourth consecutive session to 87.30, a 0.1% gain.
The dollar’s climb furthered its turnaround from an almost two-month slide due to weaker U.S. data and dovish signals from the Fed that pushed back estimates for higher interest rates later into 2015 and even into 2016.
But the U.S. economy has shown signs of improvement in data released over the past several days, including measures for inflation, new home sales, business investment and consumer confidence. Investors are betting the economy is leaving its first-quarter doldrums behind.
“Investors are adding to [their dollar] positions again as they gain confidence that growth is picking up and the Fed will increase rates this year,” said Ian Gordon, currency strategist at Bank of America Merrill Lynch. “Better data supports people’s view that the U.S. growth in the second quarter is rebounding from the first quarter, which is helping to re-center expectations for the Fed [to raise rates] around September.”
WSJ
Ticker | Price | Volume |
---|---|---|
SABIC | 114.77 | 5,915,941 |
US Dollar | 1.00 |
Saudi Riyal | 3.75 |
Derham Emirati | 3.67 |
Qatari Riyal | 3.65 |
Kuwaiti Dinar | 0.30 |
Bahraini Dinar | 0.38 |
Omani Riyal | 0.39 |
Euro | 0.81 |
British Pound | 0.71 |
Japanese Yen | 104.70 |
05/04/2018
Oman has the means to maintain its currency peg and has no plans to change it even though the decline in oil prices has hurt its finances, central bank Governor Tahir Al Amri said.
Oman’s g
Gulf News
02/04/2018
China’s yuan firmed against the dollar on Friday and is set to post its biggest quarterly gain in a decade, as the country attracts capital inflows and US trade frictions bolstered expectations of a
Gulf News
01/04/2018
The US dollar’s share of currency reserves reported to the International Monetary Fund declined in the final quarter of 2017 to a four-year low, as other currencies’ shares of reserves grew, data rel
Gulf News
29/03/2018
The US Dollar Index, a measure of the value of the US dollar against a basket of currencies, teetered and dropped to quarterly lows in March, which also happen to be the lowest the index has been sin
The National
29/03/2018
Turkey’s lira weakened beyond the psychologically important level of 4.0 to the US dollar yesterday, bringing it close to a record low, as concerns about double-digit inflation, and politics, continu
Gulf Times