Currencies
Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.14 per cent to 90.94. Nikkei futures lost 1.63 per cent.The dollar fell against a basket of peers on the back of the sharp drop in Treasury yields last week. The Indian rupee started this Tuesday on a stronger note against the US dollar, tracking the overall weakness of the dollar, Reliance Securities said in a research note. The more-active June contract was at $63.71, up 0.4 per cent, or 28 cents.Buyers using other currencies pay less for dollar-denominated oil when the greenback weakens.
The Bloomberg Dollar Spot Index has fallen over 2% from its late-March high and is at risk of falling out of the uptrend in place since early January. The recent dollar weakness has tracked the surprise retreat in U.S. yields, which as discussed previously looks more technical than fundamental. This year’s rally in the U.S. currency — in the face of a near-consensus call for dollar weakness — is close to being snuffed out.
The dollar rally isn’t dead yet but it is on life support.Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo.Like Bloomberg’s Five Things?
The Bloomberg Dollar Spot Index has fallen over 2% from its late-March high and is at risk of falling out of the uptrend in place since early January. The recent dollar weakness has tracked the surprise retreat in U.S. yields, which as discussed previously looks more technical than fundamental. This year’s rally in the U.S. currency — in the face of a near-consensus call for dollar weakness — is close to being snuffed out.
The dollar rally isn’t dead yet but it is on life support.Cormac Mullen is a cross-asset reporter and editor for Bloomberg News in Tokyo.Like Bloomberg’s Five Things?
Oil
US crude ticked up0.19 per cent to $63.50 a barrel, and Brent crude rose to $67.2per barrel. However, Covid-19 cases have surged in India, the world’s third biggest oil importer and consumer, dampening optimism for a sustained global recovery in demand.
United States
What is critical is whether the Fed and other economic institutions really will allow the regime to change when tested by the market. The industry’s solid performance over the past three years is evidenced by the iShares Nasdaq Biotechnology ETF’s (IBB) 45.6% returns over this period. “The US got ahead of the curve in the first quarter, but other countries are going to be quickly catching up. “For now it’s just a little bit of profit-taking as traders await results from big tech names on Wall Street.
It showed that the Fed was a real institution, said Nakamura. Image Source: Pixabay The above was the supposed advice of Treasury Secretary Andrew Mellon to President Herbert Hoover after the Wall Street Crash of 1929.
It showed that the Fed was a real institution, said Nakamura. Image Source: Pixabay The above was the supposed advice of Treasury Secretary Andrew Mellon to President Herbert Hoover after the Wall Street Crash of 1929.
Europe
Meanwhile, the EU exercised its option for a further 100 million doses of Pfizer and BioNTech s Covid vaccine, boosting its order from the companies to 600 million doses. The EU has been trying to partially offset the J&J and AstraZeneca vaccine setbacks through additional deals with Pfizer. Still, not much should be expected before negotiations between the EU Parliament and governments conclude on the final shape of the new rules. The Greens are nipping at the heels of Merkel s Christian Democrat-led bloc.
Wirecard inquiry reaches Merkel’s cabinet.
0 Wirecard inquiry reaches Merkel’s cabinet.
