Forex - Dollar Sinks to Near Four-Month Low as Emerging-Market Currencies Boom By Investing.com

Forex - Dollar Sinks to Near Four-Month Low as Emerging-Market Currencies Boom

ForexSep 20, 2018 01:30PM ET

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Forex - Dollar Sinks to Near Four-Month Low as Emerging-Market Currencies Boom

Investing.com - The dollar fell to a nearly four-month low against its rivals on Thursday, as investors bet on an ongoing rebound in emerging-market currencies amid improved sentiment in developing economies.

The U.S. dollar index, which measures the greenback against a trade-weighted basket of six major currencies, fell by 0.59% to 93.56.

The dollar lost ground against emerging-market currencies like the South African rand, Turkish lira, and Argentinian peso as investors bet the worst may be over for developing markets.

"We think US growth will remain above trend and economic fundamentals in most (emerging market) countries remain healthy, creating fertile ground for a comeback in EM assets," Goldman Sachs (NYSE:GS) said Wednesday. "We think period of diverging growth rates -- driven by strong US outperformance -- is largely behind us."

Weakness in the dollar was further exacerbated by a stronger euro and pound, despite little sign that EU leaders had warmed up to the UK Prime Minister Theresa May's Chequers proposal, which sets out rules that will govern the U.K's future relationship with the EU after Brexit.

EU President Donald Tusk said the May's proposals would "not work," but the Prime Minister remained defiant, accusing EU leaders of engaging in "negotiating tactics."

"Brexit concerns are not registering either today, despite the complete defeat of Prime Minister Theresa May's Chequers plan at the Salzburg summit," IG's Chris Beauchamp said.

GBP/USD rose 0.78% to $1.3247 on stronger retail sales data, while EUR/USD gained 0.75% to $1.1760.

U.S economic data, meanwhile, did little to support the greenback as the wobble in the housing market continued, while a key manufacturing report topped forecasts.

The Philadelphia Fed said Thursday its manufacturing index rose to a reading of 22.9, from 11.9 in September.

The Commerce Department showed existing home sales were flat in August from the prior month, to a seasonally-adjusted annual rate of 534 million units. Economists were expecting a 0.3% increase to 5.35 million homes.

"We suspect that the combination of sustained price increases and rising mortgage rates has caused many potential buyers to hold off on purchasing homes," Wells Fargo said in a note to clients.

USD/CAD fell 0.12% to C$1.2905, while USD/JPY rose 0.18% to Y112.49.

Dollar rises but still set for biggest weekly loss since May By Reuters - Jul 30, 2021

By Saqib Iqbal Ahmed and John McCrank NEW YORK (Reuters) -The dollar rose on Friday along with other safe haven currencies as stocks fell and as upbeat U.S. economic data helped...

Dollar Edges Higher; Weekly Losses Likely on Dovish Fed By Investing.com - Jul 30, 2021

By Peter Nurse Investing.com - The dollar edged higher in early European trading Friday, but looks set to register a negative week after a dovish Federal Reserve meeting and some...

Dollar Up but Ends Week Near One-Month Low Over U.S Data, Fed Decision By Investing.com - Jul 30, 2021

By Gina Lee Investing.com – The dollar was up on Friday morning in Asia but remained near a one-month low. The U.S. Federal Reserve maintained a dovish stance in its latest policy...

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US 30	34,976.5	-108.0	-0.31%
US 500	4,402.1	-17.0	-0.39%
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S&P 500	4,395.26	-23.89	-0.54%
Nasdaq	14,672.7	-105.6	-0.71%
S&P 500 VIX	18.24	+0.54	+3.05%
Dollar Index	92.095	+0.224	+0.24%

Crude Oil WTI	73.72	+0.10	+0.14%
Brent Oil	75.14	+0.04	+0.05%
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Gold	1,812.30	-18.90	-1.03%
Silver	25.547	-0.235	-0.91%
Copper	4.4785	-0.0450	-0.99%
US Soybeans	1,348.38	-28.62	-2.08%

SPDR S&P 500	438.51	-2.14	-0.49%
iShares Russell 2000	221.05	-1.47	-0.66%
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Direxion Daily Junior Gold Miners Bull 2X Shares	77.74	-0.66	-0.84%
iShares Silver	23.63	-0.09	-0.38%
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ProShares UltraPro QQQ	132.74	-2.02	-1.50%

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Facebook	356.30	-2.02	-0.56%
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Forex - Dollar Sinks to Near Four-Month Low as Emerging-Market Currencies Boom

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