Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Dollar Up, Reaches Fresh One-Year High Against Yen on U.S. Economic Recovery Hopes

ForexMar 30, 2021 10:11PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – The dollar was up on Wednesday morning in Asia, rising to a fresh one-year high against the yen over investor bets that fiscal stimulus and an aggressive vaccine rollout will help the U.S. lead a global economic recovery from COVID-19.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.08% to 93.370 by 9:58 PM ET (1:58 AM GMT). The index held above the 93 mark and was on course for its best month since 2016.

The USD/JPY pair was up 0.25% to 110.62, surpassing the 110 mark.

The AUD/USD pair edged up 0.17% to 0.7607 and the NZD/USD pair inched up 0.07% to 0.6985.

The USD/CNY pair inched down 0.07% to 6.5669 with the yuan offshore market the weakest since November 2020. China’s manufacturing Purchasing Managers' Index (PMI) for March was 51.9, higher than the 51 in forecasts prepared by Investing.com and February’s 50.6 reading. The non-manufacturing PMI was 56.6, surpassing its February reading of 51.4.

The Caixin manufacturing and services PMIs, which look at the private sector, are due later in the week.

The GBP/USD pair inched down 0.01% to 1.3737.

U.S. President Joe Biden later in the day will outline how a $3 to $4 trillion infrastructure plan will be funded. He also targeted opening the U.S. COVID-19 vaccine program to 90% of American adults by Apr. 19 earlier in the week.

On the data front, Tuesday’s Conference Board CB Consumer Confidence index soared to 109.7 in March, the highest level since the beginning of COVID-19. Forecasts prepared by Investing.com predicted a 96.9 figure, while the index was at 90.4 in February.

“U.S. economic outperformance can continue to underpin the dollar in the near term,” Commonwealth Bank of Australia (OTC:CMWAY) currency strategist Carol Kong said in a note.

“The yen will be driven by the general dollar strengthening trend,” potentially rising to 113 by year-end, she added.

The U.S. employment report for March, including non-farm payrolls, is due out on Friday. Investors will watch the figures closely after the Federal Reserve cited the lackluster labor market for its continued dovish stance on interest rates. While the Fed’s stance has boosted the economic outlook, it also continues to raise inflation worries.

Rising U.S. bond yields also gave the greenback a boost, with the yield on the benchmark 10-year Treasury note touching a one-year high of 1.776% on Tuesday.

Meanwhile, bitcoin hovered just below $59,000, working towards touching its record peak of $61,781.83 set earlier in the month again. PayPal Holdings on Tuesday said it launched a 'checkout with crypto’ service allowing U.S. users to pay online merchants globally with the cryptocurrency.

Dollar Up, Reaches Fresh One-Year High Against Yen on U.S. Economic Recovery Hopes
 

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.
Comments (3)
Goku UI
vVNoXVv Mar 31, 2021 2:13AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Nah, just a Narrative to explain how Price gets to a certain level. Sleepy Joe has done nothing but cause a Crisis. Dollar up to a 5 year High, wonder why?
Notvery Goodathis
Peteymcletey Mar 30, 2021 11:02PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
lucky trump pushed for warp speed
Sudam Uswatte
Sudam Uswatte Mar 30, 2021 10:54PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
how does the dollar go up with inflation? if so every theory is wrong.
 
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