Please try another search
© Reuters. FILE PHOTO: Illustration photo of a Japan Yen note
By Tom Westbrook
SYDNEY (Reuters) - The safe-haven Japanese yen sat near a one-week high and a steady U.S. dollar held commodity currencies in check on Wednesday, as worries about rising coronavirus cases tempered optimism around promising vaccine trials.
At 104.14 per dollar, the yen
Bitcoin (BTC=BTSP), sometimes regarded as a haven asset or at least a hedge against inflation, has surged to a three-year high against the dollar and the risk-sensitive Australian and New Zealand dollars were a fraction softer, along with stocks.
"The slight cooling of equity sentiment has put a cap on currencies," said Westpac currency analyst Imre Speizer.
"We know we've got a vaccine. Now it's about distribution and how quickly it can start to make a difference, which is going to be quite a few months away."
Before then, a tough winter looms.
Surging cases have driven record hospitalisations and fresh restrictions on gathering in the United States, while new outbreaks vex authorities in Japan, South Korea and Australia.
Federal Reserve Chair Jerome Powell said on Tuesday that there was "a long way to go" to economic recovery.
The Australian dollar
The euro (EUR=) was steady at $1.1862 and against a basket of currencies the dollar (=USD) held at 92.439 - a little softer than earlier in the week as a slight bond rally has knocked the shine off U.S. Treasury yields. [US/]
"It's back to pondering short-term negatives vs longer-term vaccine positives, and that's creating volatility," ANZ analysts said in a note. "Vaccine deployment isn't an immediate fix ... expect things to remain mixed and messy."
Elsewhere sterling edged higher as traders hoped for a Brexit trade deal breakthrough. [GBP/]
Britain's chief negotiator David Frost has told Prime Minister Boris Johnson to expect a Brussels trade deal "early next week", The Sun newspaper reported, with "a possible landing zone" as soon as next Tuesday.
As soft economic data in the United States weighed on dollar sentiment, strong industrial output in China kept the yuan's barnstorming run alive, sending it to an almost 29-month high of 6.5457 per dollar in offshore trade
The Chinese yuan has gained nearly 9% against the dollar since late May, despite the central bank taking various actions to temper its strength.
Later on Wednesday British inflation figures are due and several U.S. Fed members make speeches. In emerging markets, focus is on a Bank of Thailand meeting, though most economists expect rates to be kept on hold.
========================================================
Currency bid prices at 11:19AM in Sydney (0019 GMT)
Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid
Previous Change
Session
Euro/Dollar (EUR=EBS) $1.1861 $1.1861 +0.03% +5.82% +1.1868 +1.1861
Dollar/Yen
Euro/Yen (EURJPY=) 123.50 123.57 -0.06% +1.27% +123.6300 +123.5100
Dollar/Swiss
Sterling/Dollar
Dollar/Canadian
Aussie/Dollar
NZ
Dollar/Dollar
All spots
Tokyo spots
Europe spots
Volatilities
Tokyo Forex market info from BOJ
By John McCrank NEW YORK (Reuters) - The dollar extended its losses against other major currencies on Thursday, a day after a report showed U.S. inflation was not as hot as...
By Sameer Manekar (Reuters) - Bearish bets on emerging Asian currencies eased on hopes that monetary tightening will cool red-hot inflation, with short bets on the Thai baht...
By Scott Kanowsky Investing.com -- The dollar made up some losses on Thursday after a steep drop the previous day on softer than expected inflation data out of the U.S. The dollar...
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.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
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.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.