Egypt achieves record primary budget surplus of EGP 629bn despite sharp fall in Suez Canal revenues    Escalation in Gaza, West Bank as Israeli strikes continue amid mounting international criticism    Egypt recovers collection of ancient artefacts from Netherlands    Resumption of production at El Nasr marks strategic step towards localising automotive industry: El-Shimy    Egypt harvests 315,000 cubic metres of rainwater in Sinai as part of flash flood protection measures    Egypt, UNDP discuss outcomes of joint projects, future environmental cooperation    United Bank achieves EGP 1.51bn net profit in H1 2025, up 26.9% year-on-year    After Putin summit, Trump says peace deal is best way to end Ukraine war    Jordan condemns Israeli PM remarks on 'Greater Israel'    Egypt's Supreme Energy Council reviews power supply plans for 14 industrial projects    Egypt, Namibia explore closer pharmaceutical cooperation    Fitch Ratings: ASEAN Islamic finance set to surpass $1t by 2026-end    Renowned Egyptian novelist Sonallah Ibrahim dies at 88    Egypt's FM discusses Gaza, bilateral ties in calls with Saudi, South African counterparts    Egypt prepares to tackle seasonal air pollution in Nile Delta    Egyptian, Ugandan Presidents open business forum to boost trade    Al-Sisi says any party thinking Egypt will neglect water rights is 'completely mistaken'    Egypt's Sisi, Uganda's Museveni discuss boosting ties    Egypt's Sisi warns against unilateral Nile measures, reaffirms Egypt's water security stance    Egyptian pound closes high vs. USD on Tuesday – CBE    Egypt, Colombia discuss medical support for Palestinians injured in Gaza    Egypt, Huawei explore healthcare digital transformation cooperation    Egypt's Sisi, Sudan's Idris discuss strategic ties, stability    Egypt's govt. issues licensing controls for used cooking oil activities    Egypt to inaugurate Grand Egyptian Museum on 1 November    Egypt's Sisi: Egypt is gateway for aid to Gaza, not displacement    Greco-Roman rock-cut tombs unearthed in Egypt's Aswan    Egypt reveals heritage e-training portal    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    Palm Hills Squash Open debuts with 48 international stars, $250,000 prize pool    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.



Dollar nurses losses as investors look to OPEC, US data
Published in Amwal Al Ghad on 29 - 11 - 2016

The dollar nursed losses on Tuesday as U.S. Treasury yields came off of their multi-month highs, while volatile crude oil prices ahead of this week's oil producers' meeting kept investors' risk appetite in check.
Since the victory of U.S. President-elect Donald Trump on Nov. 8, the dollar has soared in line with yields on U.S. Treasury bonds, which have sold off on expectations that the Trump administration will embark on stimulus policies and boost inflation.
These expectations helped push up the benchmark 10-year Treasury yield to a 16-month high last week. [U/S]
The dollar stood at 111.96 yen, off its overnight low of 111.35 but well below an 8-month high of 113.90 touched on Friday.
"The dollar has been pulling back now in response to volatile oil prices, after rising on expectations of what Trump will do," said Mitsuo Imaizumi, chief currency strategist at Daiwa Securities in Tokyo.
"Against the yen, it could even fall back to the 110 level, depending on what oil does, and we also have U.S. data this week - although right now, the employment figures seem like a long time away," he said.
Crude oil prices have been on a roller coaster ride this week, as the market reacted to the developments on whether major producers would be able to reach an agreement on the contentious issue of output cuts at their meeting on Wednesday.
Later on Tuesday, investors will look to U.S. third-quarter gross domestic product data as well as readings on consumer confidence and consumption for trading cues. They will be followed by the November employment report on Friday.
Data released early on Tuesday showed that Japan's unemployment rate in October held steady as the availability of jobs improved and household spending fell at a slower pace, a tentative sign that a robust labour market is lending support to domestic demand.
Political risks kept the euro in check, though it still managed to post a nearly two-week high of $1.0686 EUR= overnight. It last traded at $1.0615, flat from late Monday's North American levels.
Worries about Italy's banking system have been mounting ahead of a Dec. 4 referendum on constitutional reform, which could unseat the government of Prime Minister Matteo Renzi.
More than 8 billion euros of legal claims against Monte dei Paschi di Siena, its weakening liquidity and the potential for more bad loan writedowns are among risks the bank says could scupper its 5-billion-euro rescue plan.
The dollar index, which tracks the greenback against a basket of six major rivals, scaled a nearly 14-year peak of 102.05 on Thursday before profit-taking and oil jitters brought it back down to earth. It was last at 101.160.
Source: Reuters


Clic here to read the story from its source.