AVN 63.94 Decreased By ▼ -1.02 (-1.57%)
BAFL 29.95 Decreased By ▼ -0.30 (-0.99%)
BOP 4.64 No Change ▼ 0.00 (0%)
CNERGY 3.88 No Change ▼ 0.00 (0%)
DFML 13.40 Decreased By ▼ -0.15 (-1.11%)
DGKC 40.64 Decreased By ▼ -1.56 (-3.7%)
EPCL 47.01 Increased By ▲ 1.20 (2.62%)
FCCL 10.99 Decreased By ▼ -0.42 (-3.68%)
FFL 5.05 Decreased By ▼ -0.12 (-2.32%)
FLYNG 5.76 Decreased By ▼ -0.04 (-0.69%)
GGL 9.78 Decreased By ▼ -0.26 (-2.59%)
HUBC 61.85 Decreased By ▼ -1.45 (-2.29%)
HUMNL 5.66 Decreased By ▼ -0.09 (-1.57%)
KAPCO 27.52 Decreased By ▼ -0.31 (-1.11%)
KEL 2.14 Increased By ▲ 0.01 (0.47%)
LOTCHEM 24.23 Decreased By ▼ -1.10 (-4.34%)
MLCF 20.78 Decreased By ▼ -0.79 (-3.66%)
NETSOL 83.19 Decreased By ▼ -1.80 (-2.12%)
OGDC 86.27 Increased By ▲ 0.04 (0.05%)
PAEL 10.78 Decreased By ▼ -0.14 (-1.28%)
PIBTL 4.11 Decreased By ▼ -0.12 (-2.84%)
PPL 76.26 Decreased By ▼ -2.26 (-2.88%)
PRL 13.66 Increased By ▲ 0.04 (0.29%)
SILK 0.88 Decreased By ▼ -0.01 (-1.12%)
SNGP 40.86 No Change ▼ 0.00 (0%)
TELE 5.87 Decreased By ▼ -0.13 (-2.17%)
TPLP 15.61 Decreased By ▼ -0.39 (-2.44%)
TRG 109.97 Decreased By ▼ -1.73 (-1.55%)
UNITY 13.80 Decreased By ▼ -0.19 (-1.36%)
WTL 1.14 Increased By ▲ 0.01 (0.88%)
BR100 3,967 Decreased By -58.9 (-1.46%)
BR30 14,185 Decreased By -217.7 (-1.51%)
KSE100 39,871 Decreased By -579.3 (-1.43%)
KSE30 14,898 Decreased By -212.2 (-1.4%)
Markets

Dollar buoyant as economic outlook brightens, doubts surround euro

  • Dollar holds gains against major currencies
  • Rises to highest vs. Japanese yen since June
  • Full data calendar awaits traders later in day
Published March 26, 2021
Follow us

LONDON: The dollar held near its highest since November against most major currencies on Friday, buoyed by hopes over improving US economic data and the availability of coronavirus vaccines, while the euro recovered from heavy losses a day before.

Against a basket of six major currencies, the dollar stood at 92.793, not far off a four-month high hit a day earlier and on course for a weekly gain of 0.9%.

In further signs of strength, the dollar rose to 109.44 against the Japanese yen, its highest since June. Against the Swiss franc, it rose to its highest since July, holding onto a 0.5% gain from the previous session.

US jobless claims fell to a one-year low last week and President Joe Biden said he will double his vaccination plan after reaching his previous goal of 100 million shots 42 days ahead of schedule, both of which support optimism in the dollar.

Data on US personal consumption due later on Friday was also on traders' radars.

"The extent of the strength (of the dollar) is more because of Biden's stimulus package," said Derek Halpenny, head of research for global markets at MUFG.

A resurgence of COVID-19 cases in major economies such as the euro zone has also favoured, he added.

The dollar's gains in the past few weeks have been so rapid that some analysts are warning against chasing the dollar higher from current levels.

"We believe recent moves in FX markets are corrective and not part of a new 2021 trend," ING analysts wrote in a note.

The euro managed to come back from Thursday's four-month low, with the common currency bruised by doubts over the slow pace of vaccinations.

Against the euro, the dollar slipped 0.1% to $1.17630 but remained near its strongest level since November.

Germany's Ifo survey later on Friday is expected to show an improvement in business morale.

That's unlikely to halt the euro's slide, though. Worries about the European Union's slow vaccination rollout and bickering with former member Britain over vaccine exports have become a dominant theme, traders said.

A notable exception to the dollar's gains was the British pound, which gained 0.3% to $1.37735 after rising 0.4% on Thursday.

Comments

Comments are closed.

Dollar buoyant as economic outlook brightens, doubts surround euro

Rupee closes at fresh low of 269.63 against US dollar as the great fall continues

KSE-100 falls over 500 points in aftermath of Peshawar blast

Pakistan facing adverse consequences of Ukraine conflict: FM Bilawal

Islamabad Court sends Fawad to jail on judicial remand

SBP says it recognises cost of monetary tightening, but curbing inflation essential

Inflation to cross 30% as rupee depreciation, petrol prices bite: report

Oil slips as rate hikes loom and Russian flows stay strong

UAE president’s visit to Islamabad postponed over ‘bad weather’

Sheikh Rashid’s Lal Haveli residence sealed over ‘illegal occupation’

Asif Ali Zardari sends legal notice to Imran Khan over ‘assassination’ remarks