UK urges collective response to attacks on Saudi oil facilities    Saudi Arabia says full production restored within the month    Mexican embassy celebrates Independence Day with reception    'Egypt will not allow any country to impose its will on another in Ethiopian dam issue,' FM says    Cameroon's longtime FIFA official Hayatou back in African soccer work    Egypt's new listing amendments mandate more women on boards    The Latest on Israeli election: Arab leader Ayman Odeh urges high turnout in Israeli vote    Top UK court hearing challenge to Johnson's Parliament break    Inter's Conte fumes over media's fixation on formations    Egypt, Ethiopia at odds as talks over Blue Nile dam resume    PSG forwards Mbappe, Cavani ruled out of Real Madrid clash    5 plant-based soup recipes to warm your body and soul    Egypt's Ahly to train for Super Cup game against Zamalek immediately    UK to support investment in Egypt with £13mn – official    US waiting and watching on oil reserve, market well supplied: Perry    FTSE 100 steadies after Saudi attacks; Sirius Minerals plummets    President Sisi: Egyptians' awareness led to success of economic reforms    Egypt looks to develop peaceful nuclear energy capabilities – minister    European markets set for cautious open as investors focus on geopolitics, trade    Egypt says GERD talks with Ethiopia 'stumbled', next round in Khartoum in October    Egyptian navy rescues tourists aboard yacht adrift in Red Sea    Tutankhamun Opera to debut with inauguration of Grand Egyptian Museum: Zahi Hawass    Egyptian transport start-up Swvl plans IPO in 5-10 years    Egypt court sentence 6 to death for joining terrorist group, manufacturing explosives; 8 acquitted    Trump says US ‘locked and loaded' for a potential response to Saudi oil attack    Brexit will be delayed again when PM Johnson's deal falls: Nigel Farage    Egyptian gov't working to remove trash in Ismailia    'Al-Daheeh' host Ahmed El-Ghandour shortlisted for IBC's first 'Young Pioneer' award    Egypt's Zamalek suffer surprise 2-1 defeat at Senegal's Generation Foot    Egypt's Sisi discusses education, terrorism at national youth conference    Sisi to open 8th edition of the National Youth Conference Saturday    Spotify buys music production marketplace SoundBetter    Egypt's Ahly striker Amr Gamal joins Talae El-Geish for 2 seasons    Egypt's PM discusses details of Al-Hussein Mosque renovation    Egypt's Baron Empain Palace to be reopen after renovation    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Cairo's historic Tahrir square to be renovated – PM    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    

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

Dollar steadies as battered stocks recover
Published in Amwal Al Ghad on 07 - 02 - 2018

Dollar prices steadied against a basket of currencies on Wednesday as calm returned to global financial markets with investors partially reversing their rush to safe haven assets and moving back into stocks.
The greenback had risen against currencies like the euro as investors sought shelter amid the rout in global equities seen at the start of the week, which was triggered by a massive decline in Wall Street shares.
The dollar index against a basket of six major currencies was mostly flat at 89.608, nudging away from a two-week peak of 90.034 set overnight.
The euro inched up 0.05 percent to $1.2384 after slipping to a two-week low of $1.2314 the previous day.
"How the dollar will fare with the recent tumult in stocks showing signs of settling down depends on which currency you are looking at," said Junichi Ishikawa, senior FX strategist at IG Securities in Tokyo.
"Against the yen, the dollar stands to benefit as relief seen in Wall Street spills over into Asian equities. Against the euro, however, the dollar is likely to be capped, with U.S.-German yield differentials and monetary policy thoughts to dictate direction."
The dollar was 0.2 percent lower at 109.310 yen after rising 0.5 percent overnight. It was still comfortably above the low of 108.460 reached the previous day during wild swings in global equities.
Against the yen, a perennial haven in times of risk aversion, the dollar had been put on the defensive when equities slid at the start of the week.
Wall Street shares bounced about 2 percent on Tuesday after suffering the biggest one-day sell off in more than six years.
Focus remains on U.S. stocks, which were the source of the latest turbulence in global markets and currencies.
The recent surge in long-term U.S. bond yields to four-year highs had helped trigger the slide in the equity market, and while yields have pulled back from those peaks, they still remain elevated.
"The 10-year Treasury yield has nudged back ahead of today's auction. Depending on how the auction goes, U.S. equities could face renewed pressure," said Makoto Noji, senior strategist at SMBC Nikko Securities.
Following soft demand for a $26 billion three-year sale on Tuesday, the U.S. Treasury will auction $24 billion of 10-year government bonds later on Wednesday.
"Global stocks are expected to remain on a nervous footing going forward," Noji said.
The Australian dollar was 0.2 percent lower at $0.7889 but still some distance away from a one-month low of $0.7835 plumbed on Tuesday.
The pound nudged up 0.05 percent to $1.3961 after touching a low of $1.3838 overnight, its weakest since Jan. 19.
The Swiss franc, a perceived safe haven along with the yen, was steady at 0.9355 franc per dollar after losing 0.45 percent overnight. Source: Reuters

Clic here to read the story from its source.