Forex-rates play pushes dollar to 4-month high versus yen, Kiwi dollar


12/07/2017 06:08 AST

The dollar ground higher against the basket of currencies used to measure its broader strength on Tuesday, hitting a four-month high against the yen on the back of the past fortnight’s 25 basis-point rise in 10-year US government bond yields.

The New Zealand dollar fell to its lowest since June 23 after a report of a large earthquake hitting off its South Island, although there were no immediate reports of damage.

The dollar index rose just over 0.1 per cent to 96.138, gaining 0.1 per cent against the euro and around a third of a per cent to 114.43 yen, its strongest since mid-March. “The real story at the moment is the rise in US real yields,” said Richard Benson, co-head of portfolio investment with currency fund Millennium Global in London.

“That does look like being the theme for the moment. Dollar yen is properly supported, and I don’t think there is even that much participation yet (in that trade).” Central bank events this week will again dominate market attention.

The Bank of Canada, which is widely expected to raise interest rates after strong signals from its main policymakers over the past month, meets on Wednesday.

US. Federal Reserve chief Janet Yellen gives two days of testimony to lawmakers on Wednesday and Thursday while Bank of England Governor Ben Broadbent speaks later on Tuesday.

The data since late last week has painted a grim picture of the UK economy, undermining the hints from others at the Bank that a rise in interest rates is likely later this year.

Canadian bank RBC have a weaker pound against the dollar as their trade of the week. “A more measured speech by Broadbent and softer employment and wage numbers tomorrow would reinforce our view that the sterling correction from $1.3042 should extend further,” they said in a note on Tuesday.

Sterling was roughly stable at $1.2887 and 88.37 pence per euro respectively.

Gulfnews
Forex News
2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | News Archive
Most Viewed Companies
Ticker Price Volume
QNBK 140.2 89,927
SECO 24.11 799,660
GFH 0.58 10,000
SABIC 99.88 1,998,578
RIBL 10.76 308,413
BATELCO 0.23
EMIRATESNBD 8.09 167,938
Recent News

Saudi's NCB Q2 net profit flat, operating income down
Saudi Arabia's National Commercial Bank (NCB), the kingdom's largest lender, reported a 0.9 percent dip in second-quarter net profit on Sunday as a drop in operating expenses was offset by lower ope

Arabian Pipes Co. announces the Appointment of new CEO
Arabian Pipes Co. announces that the Board of Directors accepted during their meeting today 23 Jul 2017 that appointment of Eng. Ahmed Ali Al-Lohaidan as CEO starting from 24-07-2017 It's worth menti

Deyaar announces H1 2017 revenues of AED 316 million
Deyaar Development PJSC, one of the UAE’s leading property development and real estate services companies, today announced its financial results for the first half of 2017.

Deyaar reported %

Burgan Bank's H1 net income up 24pc
Kuwait-based Burgan Bank Group has registered a 24 per cent jump in its net income for the first half of 2017 which soared to KD39 million ($128 million) from last year's KD31.4 million ($103.5 milli

Kuwait's trade surplus with Japan up 46pc
Kuwait's trade surplus with Japan expanded by 46.1 per cent from a year earlier to 25.6 billion yen ($228 million) in July, up for the sixth month in a row, thanks to brisk exports, said state news a

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend

Poll

Looking ahead, what change you are more likely to make in investing in your domestic stock market?