Dollar Down, But Remains Near 20-year High By Investing.com

Dollar Down, But Remains Near 20-year High

ForexMay 13, 2022 12:05AM ET

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Dollar Down, But Remains Near 20-year High

By Gina Lee

Investing.com – The dollar was down on Friday morning in Asia but remains near a 20-year high. Persistent global economic worries gave the dollar support.

The US Dollar Index that tracks the greenback against a basket of other currencies edged down 0.14% to 104.737 by 11:55 PM ET (3:55 AM GMT).

The USD/JPY pair gained 0.58% to 129.06. Thursday’s 1.2% decline for the pair was its biggest daily fall this year.

“The yen is perhaps the most obvious signal of a shift from a world where yields were dominant and risk was resilient (yen negative), to a world this week where the dominant force is sour risk appetite driving yields lower (yen positive),” Deutsche Bank macro strategist Alan Ruskin said in a note.

The AUD/USD pair gained 0.46% to 0.6885, while the NZD/USD pair jumped 0.35% to 0.6251.

The USD/CNY pair inched up 0.07% to 6.7911 and the GBP/USD pair edged up 0.16% to 1.2218. Beijing recorded a few more COVID-19 cases. The officials denied that the capital city will be locked down.

Benchmark U.S. 10-year Treasury yields gained on Friday, hovered around 2.884%.

The U.S. Federal Reserve raised interest rates to 1% last week to tame inflation, the biggest hike in 22 years. Investors are concerned about more aggressive monetary policies that might hurt the economy.

However, Fed Chair Jerome Powell said on Thursday that the central bank’s battle to cool inflation would “include some pain” as the impact of higher interest rates is felt, calling stable prices the “bedrock” of the economy. He added that the worse outcome would be speeding up prices.

On the data front, the U.S. Producer Price Index increased 0.5% month-on-month in April, moderating from March when the growth of 1.6% was recorded.

In cryptocurrencies, bitcoin gained 7.49% and retook $30,000 after plunging below that level on Wednesday for the first time since July.

Dollar wobbles lower as China growth hopes lift Aussie By Reuters - May 22, 2022 2

By Tom Westbrook SINGAPORE (Reuters) - The dollar began the week on the back foot, following its first weekly loss in nearly two months, as investors cut bets on further dollar...

U.S. dollar net long bets slip, bitcoin futures surge-CFTC, Reuters data By Reuters - May 20, 2022 1

NEW YORK (Reuters) - Speculators' net long positioning on the U.S. dollar slipped, after hitting their highest level since late November in the previous week, according to...

Dollar catches a break after bruising week as investors turn risk averse By Reuters - May 20, 2022 4

By Saqib Iqbal Ahmed NEW YORK (Reuters) - The U.S. dollar rose against the euro on Friday, as investor unease about the potential economic fallout from Federal Reserve's efforts...

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