Breaking News
Investing Pro 0
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data

Forex - Dollar Gains Versus Yen, Swiss Franc; Sterling Weakens

Currencies Mar 31, 2020 03:09AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.
 
EUR/USD
-0.52%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
GBP/USD
-0.24%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
USD/JPY
+1.20%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
USD/CHF
+0.16%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
EUR/HUF
+1.89%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 
DX
+0.68%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Peter Nurse

Investing.com - The dollar traded marginally higher Tuesday, helped by gains against the more defensive currencies, the Japanese yen and the Swiss franc, on the last trading day of the month.

At 3:05 AM ET (0705 GMT), the U.S. Dollar Index, which tracks the greenback against a basket of six other currencies, stood at 99.597, up 0.3%. 

USD/JPY gained 0.6% to 108.50, USD/CHF rose 0.5% to 0.9629, while EUR/USD fell 0.4% to 1.1005.

“The talk is Japanese names are short of dollars (as the fiscal year comes to an end), which is likely to keep the dollar bid well into London time,” Yukio Ishizuki, FX strategist at Daiwa Securities, told CNBC.

That said, the yen and the Swiss franc are often seen as safe havens during troubled times, and the better-than-expected China manufacturing PMI data will have given traders hope that some economic stabilisation may be possible going forward.

Global risk stabilisation near term supports EUR/USD at 1.10-1.12 for now, said analysts at Danske Bank, in a research note. 

“Looking further ahead, a range of factors (EU institutional weakness, doubt as to Fed’s reaction function 12M out and virus fears) also still make downside risks more pertinent, such that 1.07 will likely act as an anchor, the bank added.

Additionally, GBP/USD dropped 1% to 1.2292, as the Fitch downgrading of U.K.’s sovereign debt rating on Friday continued to takr its toll on sterling.

Elsewhere, the forint is lower, with EUR/HUF up 0.2% at 359.13, having hit a new all-time high on Tuesday after the Hungarian Parliament voted Monday to give Prime Minister Viktor Orban the right to rule by decree during the coronavirus emergency - with no time limit. The measures establish a dictatorship in all but name in the heart of the EU, which has long prided itself on its role in fostering democracy in Europe.

This move “does have the potential to amplify the already ongoing disagreements between Hungary and the EU,” said Danske Bank, in a research note. 

“As such, these somewhat right-wing initiatives did lend support to EUR/HUF yesterday and more HUF weakness could come at a later point in time as a result,” the bank added.

 

Forex - Dollar Gains Versus Yen, Swiss Franc; Sterling Weakens
 

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.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

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 (2)
Paul Tan
Paul Tan Mar 31, 2020 7:51AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Direct victim of COVID-19 is the globalization. If one looks at the world economy and currency prior to third globalization, it would not be difficult to see that USD/YEN were often traded above 120.  So the demise of globalization is likely to work toward USD advantage.
Patrick Higdon
Patrick Higdon Mar 31, 2020 6:50AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
The first Domino has fallen it appears. Hopefully, it stood alone and no others fall. Politicians have a hard time letting a good crisis go to waste without exploiting it to expand their power.
 
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
Continue with Google
or
Sign up with Email