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forex market

A drifting economy
Opinion

A drifting economy

It is quite distressful to see the nascent economic recovery ceding way to the same uncertainty and drift that...
Published 01 Sep, 2022 05:50am
Dollar edges back from four-month high as UK, EU PMIs calm nerves
Markets

Dollar edges back from four-month high as UK, EU PMIs calm nerves

  • Euro zone business activity unexpectedly grew this month, a preliminary survey showed, but with much of Europe suffering a third wave of coronavirus infections and renewed lockdown measures, that may not last through April.
  • The PMI saw the dollar index pull back from a four-month high of 92.608 hit in early London trade, trading at the 92.454 mark around midday.
Published 24 Mar, 2021 08:23pm
Dollar dominates as hedge funds cut shorts on Treasury yield rise
Markets

Dollar dominates as hedge funds cut shorts on Treasury yield rise

  • Turkey's shock weekend decision to replace its hawkish central bank governor also supported the dollar's safe-haven appeal.
  • Markets have been slow to catch on to the rising dollar theme in recent weeks as investors had bet that a global economic recovery would prompt buying of riskier currencies.
Updated 22 Mar, 2021 06:29pm
Dollar perched at 3-1/2 month highs on firmer US yields
Markets

Dollar perched at 3-1/2 month highs on firmer US yields

  • After falling 4% in the last quarter of 2020, the dollar has strengthened by nearly 2.5% year-to-date as investors expect the broad rise in US bond yields to weigh on stretched equity valuations and boost demand for the US currency.
  • The dollar index stood at 92.30 against a basket of six major currencies, up 0.4%, its highest level since late-November.
Published 08 Mar, 2021 06:27pm
South Africa's rand edges up, focus on Powell's speech
Markets

South Africa's rand edges up, focus on Powell's speech

  • With a light local data calendar this week, the rand's movements have been mainly driven by offshore events.
  • Policymakers are generally keeping to the sidelines but markets will be intrigued by comments from the Fed chairman at the WSJ webinar tonight.
Updated 04 Mar, 2021 09:53pm
Dollar index higher, Aussie gains on better risk sentiment
Markets

Dollar index higher, Aussie gains on better risk sentiment

  • If you do see volatility the natural inclination is to take risk off the table, in this case it just basically means getting out of existing positions and the dollar shorts are extremely elevated at this point.
  • Short US dollar positions were last at $29.33 billion, according to data by the Commodity Futures Trading Commission.
Published 02 Mar, 2021 09:33pm
Nigerian, Zambian, Kenyan currencies seen under pressure
Markets

Nigerian, Zambian, Kenyan currencies seen under pressure

  • The naira is seen easing on the spot market after it fell 0.21% to 410.29 per dollar on Thursday.
  • The kwacha is likely to face continued pressure against the dollar going into next week due to heightened demand for hard currency amid limited inflows.
Published 25 Feb, 2021 05:51pm
Sterling rises above $1.40; long positions at one-year high
Markets

Sterling rises above $1.40; long positions at one-year high

  • Sterling reached its highest levels since April 2018 when it crossed $1.40 on Friday. It has risen 2.6% against the dollar in 2021 and its rapid gains have led to talk of a possible correction.
  • Some 17.6 million people, over a quarter of the 67 million population, have now received a first dose of a COVID-19 vaccine.
Published 22 Feb, 2021 05:47pm
South Africa's rand firmer on improving economy, global yield hunt
Markets

South Africa's rand firmer on improving economy, global yield hunt

  • Crucially, it was the first time since early January the unit broke below the 14.50 technical resistance mark seen as a buy-target by traders.
  • "This is not going to change until we either get a diabolical budget from Mboweni (unlikely) or there is a global black swan event which throws us a curve ball."
Published 15 Feb, 2021 09:16pm
Nigerian naira eases 1.75pc on spot market to 410.50 per dollar
Markets

Nigerian naira eases 1.75pc on spot market to 410.50 per dollar

  • The naira, which has been weakening on the over-the-counter spot and derivatives markets, dropped to a low of 403.29 naira on Thursday after reaching record intra-day lows since January.
  • The central bank did not agree with the need for additional exchange rate adjustment.
Published 12 Feb, 2021 06:05pm