AIRLINK 60.76 Increased By ▲ 0.56 (0.93%)
BOP 6.30 Increased By ▲ 0.05 (0.8%)
CNERGY 4.47 Increased By ▲ 0.41 (10.1%)
DFML 16.10 Increased By ▲ 0.35 (2.22%)
DGKC 69.89 Increased By ▲ 1.64 (2.4%)
FCCL 18.25 Increased By ▲ 0.63 (3.58%)
FFBL 26.25 Increased By ▲ 0.75 (2.94%)
FFL 9.22 Increased By ▲ 0.13 (1.43%)
GGL 10.04 Increased By ▲ 0.19 (1.93%)
HBL 116.70 Increased By ▲ 1.70 (1.48%)
HUBC 112.50 Increased By ▲ 0.50 (0.45%)
HUMNL 6.73 Increased By ▲ 0.18 (2.75%)
KEL 4.63 Increased By ▲ 0.10 (2.21%)
KOSM 4.70 Increased By ▲ 0.18 (3.98%)
MLCF 38.65 Increased By ▲ 0.75 (1.98%)
OGDC 123.81 Increased By ▲ 3.26 (2.7%)
PAEL 22.10 Increased By ▲ 0.35 (1.61%)
PIAA 11.00 Increased By ▲ 0.10 (0.92%)
PIBTL 6.17 Increased By ▲ 0.15 (2.49%)
PPL 109.08 Increased By ▲ 2.28 (2.13%)
PRL 28.04 Increased By ▲ 0.69 (2.52%)
PTC 11.10 Increased By ▲ 0.55 (5.21%)
SEARL 52.44 Increased By ▲ 0.44 (0.85%)
SNGP 68.30 Increased By ▲ 1.40 (2.09%)
SSGC 11.72 Increased By ▲ 0.19 (1.65%)
TELE 8.07 Increased By ▲ 1.02 (14.47%)
TPLP 11.74 Increased By ▲ 0.18 (1.56%)
TRG 75.79 Decreased By ▼ -4.96 (-6.14%)
UNITY 22.75 Increased By ▲ 1.60 (7.57%)
WTL 1.30 Increased By ▲ 0.03 (2.36%)
BR100 6,556 Increased By 71.2 (1.1%)
BR30 22,406 Increased By 307.9 (1.39%)
KSE100 63,786 Increased By 567.3 (0.9%)
KSE30 21,508 Increased By 202.5 (0.95%)
Markets

Sterling slips in Brexit countdown, Aussie rallies

  • It last traded at $0.7547 and is set for a sixth consecutive weekly rise. Over that time, it has gained five cents, or 7% against the dollar.
Published December 11, 2020

SINGAPORE: Sterling was set to snap five weeks of gains with a slump on Friday, as leaders on both sides of Brexit trade talks sounded doubtful about finding a resolution, while the Australian dollar soared along with iron ore prices to hit a 2-1/2 year high.

The greenback was pinned near a two-and-a-half year low, with markets heavily short dollars as investors bet on better returns in other currencies as the pandemic recovery takes hold.

The euro rose to $1.2158 even after the European Central Bank expanded its bond buying scheme, given the move was widely expected. The central bank also lifted growth forecasts but lowered inflation projections for 2022.

Against a basket of currencies the dollar drifted lower to 90.662, which is barely a third of one percent above last week's 31-month trough.

Moves in morning trade were modest, but enough to push the Australian and New Zealand dollars to new multi-year highs and keep the euro within range of last week's two-and-a-half year high of $1.2177.

The yen rose 0.3% to 103.04 per dollar and the New Zealand dollar rose 0.1% to $0.7104.

The Australian dollar has broken past 75 US cents for the first time since mid-2018 overnight as prices surged for Australia's biggest export commodity, iron ore.

It last traded at $0.7547 and is set for a sixth consecutive weekly rise. Over that time, it has gained five cents, or 7% against the dollar.

The Australian dollar also hit a one-and-a-half year high of 78.58 yen and a six-month peak of A$1.6083 per euro overnight and even leapt against the yuan despite worsening trade tensions between China and Australia.

"With the iron ore price on a bull run, the Aussie is largely ignoring 'bad' news," said Commonwealth Bank of Australia currency analyst Joe Capurso.

Comments

Comments are closed.