AVN 46.68 Decreased By ▼ -0.23 (-0.49%)
BAFL 28.59 Increased By ▲ 0.09 (0.32%)
BOP 3.70 Increased By ▲ 0.08 (2.21%)
CNERGY 3.11 Decreased By ▼ -0.03 (-0.96%)
DFML 10.68 Increased By ▲ 0.08 (0.75%)
DGKC 53.81 Increased By ▲ 2.85 (5.59%)
EPCL 42.52 Increased By ▲ 0.02 (0.05%)
FCCL 12.16 Increased By ▲ 0.30 (2.53%)
FFL 5.90 No Change ▼ 0.00 (0%)
FLYNG 6.00 Increased By ▲ 0.16 (2.74%)
GGL 9.88 Decreased By ▼ -0.04 (-0.4%)
HUBC 68.53 Increased By ▲ 0.63 (0.93%)
HUMNL 5.64 Increased By ▲ 0.12 (2.17%)
KAPCO 21.90 Decreased By ▼ -0.19 (-0.86%)
KEL 1.77 Increased By ▲ 0.01 (0.57%)
LOTCHEM 28.27 Increased By ▲ 1.37 (5.09%)
MLCF 28.39 Increased By ▲ 0.54 (1.94%)
NETSOL 72.58 Decreased By ▼ -0.12 (-0.17%)
OGDC 75.34 Increased By ▲ 0.04 (0.05%)
PAEL 9.22 Increased By ▲ 0.05 (0.55%)
PIBTL 4.22 Increased By ▲ 0.27 (6.84%)
PPL 58.06 Decreased By ▼ -0.04 (-0.07%)
PRL 14.06 Decreased By ▼ -0.21 (-1.47%)
SILK 1.11 Decreased By ▼ -0.03 (-2.63%)
SNGP 40.69 Increased By ▲ 0.02 (0.05%)
TELE 6.59 Decreased By ▼ -0.08 (-1.2%)
TPLP 11.73 Decreased By ▼ -0.05 (-0.42%)
TRG 93.49 Decreased By ▼ -0.31 (-0.33%)
UNITY 13.03 Increased By ▲ 0.12 (0.93%)
WTL 1.17 Decreased By ▼ -0.01 (-0.85%)
BR100 4,131 Increased By 4.9 (0.12%)
BR30 14,077 Increased By 105.9 (0.76%)
KSE100 41,353 Increased By 86.2 (0.21%)
KSE30 14,664 Increased By 5.9 (0.04%)
Business & Finance

Dollar little changed as Treasury yields dip, economic data disappoints

• Jobless claims, home sales data disappoints • Cryptocurrencies jump NEW YORK: The dollar pared earlier gains...
Published January 21, 2022
Follow us

• Jobless claims, home sales data disappoints

• Cryptocurrencies jump

NEW YORK: The dollar pared earlier gains on Thursday as this week’s upward trajectory of in U.S. Treasury yields took a breather. The greenback edged lower after weekly applications for unemployment insurance unexpectedly jumped to a three-month high.

A separate report showed that sales of pre-owned U.S. homes dropped by 4.6% in December, more than analysts anticipated.

“The dollar’s been soft this year,” said Marc Chandler, chief market strategist at Bannockburn Forex in New York. “The U.S. economy is facing big headwinds, which is why I’m not nearly as progressive as other people are on the Fed.”

“There’s so much tightening coming, and the economy seems to me a bit more vulnerable than many people expected,” Chandler added. “This means the dollar is going to have a tougher second half of the year than first half.”

U.S. benchmark 10-year note yields were at 1.8308%, off their two-year high of 1.902% reached on Wednesday.

The advance was driven by market expectations that the U.S. Federal reserve will tighten monetary policy at a faster pace than previously anticipated. Fed funds futures have fully priced in a rate hike in March and a total of four in 2022.

“The big focus is next week’s FOMC meeting and the market will probably be cautious ahead of the weekend, and that’s because of the geopolitical uncertainty at the Ukrainian border,” Chandler said, referring to the Federal Open Market Committee.

The Euro was last at $1.1311, below an earlier high of $1.1369.

The pound was 0.15% higher at $1.3636 and the yen was nominally lower 114.11 per dollar.

The Aussie firmed 0.64% to $0.7257, extending advances from the previous day, and the Canadian dollar pared earlier gains, with one U.S. dollar worth C$1.2483.

The Norwegian crown fell after the central bank voted to keep interest rates on hold at 0.5% and said it was on track for an interest rate hike in March.

The crown was last down nearly 0.2% against both the euro and the dollar.

Among cryptocurrencies, bitcoin was most recently up 3.6% at $43,182, while smaller rival ether gained 5.5% at $3,249.

Comments

1000 characters

Dollar little changed as Treasury yields dip, economic data disappoints

Virtual pipeline LNG import terminal: Govt mulling granting tax exemptions

$5bn trade with Turkiye achievable in 3 years: PM

AEDB grants 6-month LoI extension to two wind IPPs

IK says will be tried in military court

Saudi pledges big oil cuts in July as OPEC+ extends deal into 2024

Power supply to Balochistan and Sindh will improve: NTDC energises Guddu-Shikarpur transmission line

Roosevelt Hotel given to NYC govt for 3 years: govt

PIA starts direct Karachi-Skardu flights

Crackdown on tax defaulting vehicles to begin today

Israel buries three soldiers killed near Egypt border