Egypt's FM highlights 'soft power' in Mali meeting with alumni    Egypt's foreign minister opens business forum in Niger, targets new partnerships    Egypt's FM delivers Al-Sisi message to Niger's leader, seeks deeper security ties    Rafah Crossing 'never been closed for one day' from Egypt: PM    Egypt will keep pushing for Gaza peace, aid: PM    Remittances from Egyptians abroad surge 70% YoY in July–May: CBE    Sudan's ambassador to Egypt holds reconstruction talks on with Arab League    Egypt's current account gap narrows, but overall BoP records deficit    Al-Sisi urges accelerated oil, gas discoveries, lower import bill    SCZONE signs $52.6m textile industry deals during China investment tour    Egypt hosts international neurosurgery conference to drive medical innovation    Egypt's EDA discusses Johnson & Johnson's plans to expand investment in local pharmaceutical sector    I won't trade my identity to please market: Douzi    Sisi calls for boosting oil & gas investment to ease import burden    EGX to close Thursday for July 23 Revolution holiday    Egypt, Senegal sign pharma MoU to unify regulatory standards    Egyptian Drug Authority discusses plans for joint pharmaceutical plant in Zambia    Two militants killed in foiled plot to revive 'Hasm' operations: Interior ministry    Egypt, Somalia discuss closer environmental cooperation    Egypt foils terrorist plot, kills two militants linked to Hasm group    Giza Pyramids' interior lighting updated with new LED system    Egypt's EHA, Huawei discuss enhanced digital health    Foreign, housing ministers discuss Egypt's role in African development push    Korea Culture Week in Egypt to blend K-Pop with traditional arts    Egypt reveals heritage e-training portal    Three ancient rock-cut tombs discovered in Aswan    Sisi launches new support initiative for families of war, terrorism victims    Egypt expands e-ticketing to 110 heritage sites, adds self-service kiosks at Saqqara    Egypt's Irrigation Minister urges scientific cooperation to tackle water scarcity    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    Egypt's Democratic Generation Party Evaluates 84 Candidates Ahead of Parliamentary Vote    On Sport to broadcast Pan Arab Golf Championship for Juniors and Ladies in Egypt    Golf Festival in Cairo to mark Arab Golf Federation's 50th anniversary    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    A minute of silence for Egyptian sports    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Euro rises vs dollar as bets on September Fed lift-off fade
Published in Albawaba on 08 - 09 - 2015

The euro rose for a third straight day against the dollar on Tuesday, as expectations that the U.S. Federal Reserve will raise interest rates next week faded amid a climate of worries over global growth.
The latest data showed China's imports tumbled in August, the tenth consecutive drop, adding to concerns about the health of the world's second-biggest economy and the implications for other emerging markets and the rest of the globe.
The dollar gained almost 10 percent in the first quarter of the year as investors prepared for a Fed "lift-off" of interest rates. But the currency has since struggled, as jitters over Greece and then China have reduced expectations that the Fed will move at its September meeting next week.
"Market sentiment remains extremely fragile, predominantly because of concerns about a China slowdown and emerging markets, and then next week we've got the Fed," said Rabobank senior currency strategist Jane Foley in London.
"So the market is trying to come to terms with that and work out whether or not its positions are in the right place."
On Tuesday the euro was 0.1 percent higher at $1.1182 EUR=. Sterling was half a percent up at $1.5345 GBP=D4, as traders bought back the currency after a steep sell-off.
Against the yen, the dollar was up 0.7 percent at 120.23 JPY=, as numbers showed Japan's economy shrank less than expected in the second quarter but capital expenditure fell more than originally forecast.
Japan's Nikkei .N225 stock index fell 2.4 percent, dragged lower as Shanghai stocks .SSEC dropped in the wake of the disappointing Chinese data.
"In terms of dollar/yen, it has been led back and forth by equities - particularly the impact of Chinese shares on Japanese stocks," said Koji Fukaya, president of FPG Securities in Tokyo.
"The correlation might last a few weeks, depending on what Chinese authorities further do to shore up stocks, macroeconomic data, and performance by U.S. equities. We are not at a full blown financial crisis, so that is preventing many participants from going long outright on the yen," he said.


Clic here to read the story from its source.