The Dollar rallied against major currencies during European trade
2018-10-09 10:04 am | Resource: News | No Views : 36
The dollar rose against a basket of currencies on Tuesday and the yen remained a safe haven in dealing cautiously with rising US bond yields and concerns about global growth prospects that weighed on risk appetite. The yield on 10-year US Treasury bonds rose 3.25% for the first time since 2011
China will not use the yuan's exchange rate as a weapon in the ongoing trade war with the United States, the Chinese Foreign Ministry said Tuesday. In addition, the comments made by an unnamed high-level official from the US Treasury on "non-market mechanisms" in Beijing are "baseless speculation," a foreign ministry spokesman added.
The sell-off in Treasuries prompted expectations of a possible rise in interest rates from the Federal Reserve. Rising bond yields have hurt stock demand in recent sessions, dampening risk appetite.
The International Monetary Fund (IMF) cut its global growth forecast to 3.7%, the report said on Tuesday. The global economy grew only 3.7 percent in 2018 and 2019, down from 3.9 percent.
Dollar Trading vs. Currencies
- The dollar index, which measures the strength of the dollar against a basket of six major currencies, rose 0.17% to 95.60
- The greenback was down 0.18% against the yuan to hit 6.9181 at 11:06 CET
- While the greenback rose 0.08% against the renminbi at 11:08 CET, buying 6.9255.
- The Yen stabilized as a safe haven against the Dollar, with the pair trading at 113.30 levels.
- The euro was close to a one-and-a-half month low after falling 0.14% to hit 1.1475
- The pound was down 0.11% at 1.3075
Time frame Used - four hours The USDJPY is moving in a bearish direction in the near term The bears managed to control movement of the USDJPY to the support level of 111.60 which also represents 61% retracement of Fibonacci levels Accordingly, we expect that the USDJPY will test levels of 112.16 - 112.73 in a corrective move The alternative scenario is that the USDJPY retreated to level of…
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