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 prices wobble but holds above 4-month drops
Published in Amwal Al Ghad on 03 - 04 - 2017

The dollar wobbled in Asian trading on Monday as some lackluster U.S. data and comments from Federal Reserve officials gave investors few catalysts to build on their U.S. currency exposure.
The dollar index, which tracks the U.S. currency against a basket of six major rivals, edged up slightly to 100.400. It notched a low of 98.858 last week, its weakest level since November 11, in the wake of U.S. President Donald Trump's failure to get a healthcare reform bill passed last month.
"The dollar got some support last week from month-end buying and came off its lows, but overall its heaviness remains unchanged," said Mitsuo Imaizumi, Tokyo-based chief foreign-exchange strategist for Daiwa Securities.
"This week, investors are waiting for Friday's non-farm payrolls report, and a worse-than-expected reading would push the dollar down more than a better-than-expected reading would push it up," he said, underscoring the already cautious expectations on the pace of further U.S. rate hikes this year.
Economists polled by Reuters predict the U.S. economy will have added 180,000 jobs in March.
The Bank of Japan's "tankan" survey released on Monday showed that large Japanese manufacturers expected the dollar to average 108.43 in the financial year that began this month.
The dollar stood at 111.34 yen on Monday, nearly flat on the day and below Friday's ten-day peak of 112.19 yen.
The tankan also showed that big manufacturers' business sentiment improved for a second straight quarter to hit a 1-1/2-year high in March, a sign the benefits of an export-driven economic recovery were broadening.
"The numbers are better" than previous surveys, said Harumi Taguchi, principal economist at IHS Markit in Tokyo, adding "if the yen's current weakness is continued, that would be better for their profit and that will support fixed investment, which is good for the economy."
"But we need to see if any of the Trump administration's plans make it harder for their initial plans to succeed," she added.
On Friday, Trump ordered a study into the causes of U.S. trade deficits and a clampdown on countries that evaded import duties.
Investors also parsed comments from Fed officials on Friday, some of which pressured the greenback.
Markets are currently pricing in more than a 50 percent chance that the central bank will hike interest rates at its June meeting, the second of the three increases expected this calendar year.
New York Fed President William Dudley, seen as one of the most important members of the Fed's policy-setting committee, said the central bank could begin trimming its bond portfolio this year- earlier than many economists expect- but also said that it was in no rush to tighten monetary policy.
St. Louis Fed President James Bullard and Minneapolis Fed President Neel Kashkari also said on Friday they expect rate increases this year, but both were cautious about the U.S. economy.
A spate of mixed U.S. economic data on Friday reinforced the Fed's view that the economy is growing at a steady but not rapid pace. Consumer spending barely rose in February amid delays in the payment of income tax refunds, but inflation marked its biggest annual increase in nearly five years.
The consumer spending data led some of Wall Street's top banks to mark down their first quarter growth estimates for the U.S. economy.
Speculators reduced bullish bets on the U.S. dollar for the first time in four weeks in the week ended March 28, according to Commodity Futures Trading Commission data released on Friday and calculations by Reuters.
The euro added 0.2 percent to $1.0685 but remained not far above Friday's low of $1.0649, its weakest since March 15.
The single currency came under pressure last week after data showed euro zone inflation slowing.
European Central Bank officials also signaled that the central bank is still very much in easing mode, after their policy message in April prompted investors to price in an interest rate hike early next year.
Source: Reuters


Clic here to read the story from its source.