ANL 10.55 Increased By ▲ 0.05 (0.48%)
ASC 9.19 No Change ▼ 0.00 (0%)
ASL 11.24 Increased By ▲ 0.11 (0.99%)
AVN 76.90 Increased By ▲ 0.55 (0.72%)
BOP 5.42 Decreased By ▼ -0.02 (-0.37%)
CNERGY 5.27 No Change ▼ 0.00 (0%)
FFL 6.60 Increased By ▲ 0.03 (0.46%)
FNEL 5.90 Decreased By ▼ -0.01 (-0.17%)
GGGL 11.15 Increased By ▲ 0.07 (0.63%)
GGL 16.50 Increased By ▲ 0.06 (0.36%)
GTECH 8.62 Increased By ▲ 0.10 (1.17%)
HUMNL 6.90 Increased By ▲ 0.01 (0.15%)
KEL 2.84 Decreased By ▼ -0.06 (-2.07%)
KOSM 3.29 Increased By ▲ 0.09 (2.81%)
MLCF 26.70 Decreased By ▼ -0.21 (-0.78%)
PACE 3.00 No Change ▼ 0.00 (0%)
PIBTL 5.97 Increased By ▲ 0.06 (1.02%)
PRL 17.08 Increased By ▲ 0.19 (1.12%)
PTC 6.97 No Change ▼ 0.00 (0%)
SILK 1.18 Increased By ▲ 0.01 (0.85%)
SNGP 36.40 Increased By ▲ 0.10 (0.28%)
TELE 10.72 Increased By ▲ 0.13 (1.23%)
TPL 9.10 Decreased By ▼ -0.03 (-0.33%)
TPLP 20.11 Increased By ▲ 0.20 (1%)
TREET 28.76 Increased By ▲ 0.16 (0.56%)
TRG 76.77 Increased By ▲ 0.47 (0.62%)
UNITY 19.88 Increased By ▲ 0.03 (0.15%)
WAVES 12.75 Increased By ▲ 0.09 (0.71%)
WTL 1.38 Increased By ▲ 0.02 (1.47%)
YOUW 5.10 Increased By ▲ 0.03 (0.59%)
BR100 4,085 Decreased By -6.6 (-0.16%)
BR30 15,009 Increased By 56.1 (0.38%)
KSE100 41,342 Decreased By -6.6 (-0.02%)
KSE30 15,734 Decreased By -3 (-0.02%)

NEW YORK: The dollar fell across the board on Thursday, dipping to a 2-week low, extending its pullback from a two-decade high, as most major currencies battered by the greenback’s advance this year drew some buyers.

With volatility on the rise in global financial markets, the dollar logged sharp declines against the Japanese yen and the Swiss franc, which tend to attract investors in times of market stress or risk.

But the dollar also fared poorly against more riskier currencies, including the Australian and the New Zealand dollar.

“Investors have perhaps just had enough of the USD and are looking to diversify risk – especially as broader USD support from rising US yields appears to have maxxed out,” said Shaun Osborne, chief currency strategist at Scotia Bank.

The US Dollar Currency Index, which tracks the greenback against six major currencies, was down 1.0% at 102.78, its lowest since May 5.

The index hit a near two-decade high last week as a hawkish Federal Reserve and growing worries about the state of the global economy helped lift the US currency. The index is up 7.5% for the year.

On Thursday, the dollar slipped to a 3-week low against the yen and a 2-week low against the Swiss franc.

Analysts, however, warned against reading too much into the dollar’s retreat.

“Yes, the dollar is broadly lower today despite risk-off conditions in the cross-asset space, but does this mean the dollar’s haven status is starting to weaken? Most probably not,” said Simon Harvey, head of FX Analysis at Monex Europe said.

Significant intraday volatility, even as most G10 currencies remain in recent ranges, has been a notable recent trend in FX markets, Harvey said.

The Swiss franc was supported against the dollar and the euro after Swiss National Bank president Thomas Jordan signalled on Wednesday the SNB was ready to act if inflation pressures continued.

The euro rose to a more than 1-week high against the dollar, as investors priced in the chance of an aggressive near-term tightening path by the European Central Bank.

Britain’s pound rose 1.2% against the dollar on Thursday, but remained close to the 2-year low touched last week as soaring inflation combined with a murky growth outlook capped gains.

Meanwhile, bitcoin rose 4.0% and was last trading at $29,825.38, continuing to try to shake off the weakness that has engulfed cryptocurrencies in recent days.

Comments

Comments are closed.