Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dollar Down, but Near 14-Month High Against Euro over ‘deafening’ Nat Gas Talk

ForexOct 06, 2021 11:00PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – The dollar was down on Thursday morning in Asia, but remained close to a 14-month high against the euro. Investor concerns that surging energy prices, and the resultant inflation, could impair the economic recovery from COVID-19 persist, while also keeping an eye on the U.S. Federal Reserve’s timeline to begin asset tapering.

The U.S. currency steadied at $1.1558 per euro after strengthening to $1.1529 on Wednesday for the first time since July 2020.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.03% to 94.248 by 10:53 PM ET (2:53 AM GMT).

The USD/JPY pair inched up 0.06% to 111.47.

The AUD/USD pair edged up 0.11% to 0.7280 and the NZD/USD pair edged up 0.11% to 0.6917.

The USD/CNY pair steadied to 6.4467, with Chinese markets closed for a holiday. The GBP/USD pair inched up 0.01% to 1.3582.

Meanwhile, crude oil hit a seven-year high overnight before easing from its recent gains, while natural gas climbed to a record peak in Europe and coal prices from major exporters also hit all-time highs.

"All the talk on the trading floors, on social media, and through broad markets has been around natural gas, and it was deafening," Pepperstone head of research Chris Weston said in a note titled "OMGas".

"Traders feared stagflation risks were on the march and questioned how on earth do central banks deal with a stagflation event driven by a supply shock?” the note added.

Investors also continue to monitor progress on the U.S. debt ceiling negotiations, after Senate Minority Leader Mitch McConnell said his Republican party would allow an extension of the federal debt ceiling into December 2021.

They also await the latest U.S. jobs report, including non-farm payrolls, to be released on Friday. The ADP non-farm employment change for September, released on Wednesday, was a higher-than-expected 568,000 as subsiding numbers of COVID-19 cases allowed Americans to travel, eat out at restaurants, and re-start other high-contact activities.

The report could provide clues to the Fed’s timeline to begin asset tapering, widely expected to happen as soon as November 2021.

In cryptocurrencies, bitcoin remained near an almost five-month high of $55,800 hit on Wednesday and was last trading around $54,881.

Dollar Down, but Near 14-Month High Against Euro over ‘deafening’ Nat Gas Talk
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email