fbpx
4.3 C
London
Wednesday, December 2, 2020

Dollar Up as U.S. Tech Stocks See Second Selloff in Less Than a Week By Investing.com


© Reuters.

By Gina Lee

- Advertisement -

Investing.com – The dollar was up on Wednesday morning in Asia, clinging onto gains after U.S. markets saw a second rout in tech stocks in less than a week, giving the dollar a boost.

The , which tracks the greenback against a basket of other currencies inched up 0.07% to 93.502 by 10:01 PM ET (3:01AM GMT).

“U.S. equity futures will likely be a guide to currencies today. The more equity futures fall, the larger the strength in the dollar and the yen,” Commonwealth Bank of Australia’s head of international economics Joe Capurso told Reuters.

- Advertisement -

The dollar also saw gains against the euro in the wake of European Central Bank (ECB) chief economist Philip Lane’s comments during the previous week that the exchange rate mattered to monetary policy.

“Lane appears to have succeeded in drawing a line in the sand at $1.20 at least for the time being,” Rabobank senior FX strategist Jane Foley told Reuters.

“We see scope that euro/dollar could dip further towards the $1.17 level on a one-month view,” she added

Thursday’s ECB meeting could see even more gains for the greenback, with investors looking to closely monitor any comments on the euro.

The pair was down 0.23% to 1.2957 on the back of turbulent Brexit negotiations between the U.K. and the European Union.

Investors are waiting for the U.K.’s blueprint laying out the terms life post-Brexit, expected later in the day. But fears over an amicable divorce between the two have mounted as the blueprint involves publishing legislation that reportedly breaks international law “in a limited way”, potentially souring talks and increasing the likelihood of a no-deal Brexit.

The pair inched down 0.08% to 105.93.

The pair edged up 0.12% to 6.8520. Data released earlier in the day showed that the and for August rose 2.4% and fell 2% respectively year-on-year, with rising 0.4% month-on-month. The readings all saw drops from the previous month, but hit forecast numbers prepared by Investing.com.

The pair inched up 0.06% at 0.7218 and the pair edged up 0.03% to 0.6620.

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.



- Advertisement -

Follow Us

16,985FansLike
4,865FollowersFollow
1,643FollowersFollow

Latest news

Sizzling Stock Buzz : Beyond Meat, (BYND)

Beyond Meat, (BYND) added 1.36% with the finishing price of $141.8 in Tuesday Trading Session. The stock price showed -28.20%...

Keep Your Eyes on Hot Stock : Costco Wholesale Corporation (COST)

Costco Wholesale Corporation (COST) added 1.02% with the finishing price of $385.66 in Tuesday Trading Session. The stock price showed 0.66%...

Hot Stock Roundup : United Airlines Holdings, (UAL)

United Airlines Holdings, (UAL) added 2.33% with the finishing price of $46.1 in Tuesday Trading Session. The stock price showed...

Keep Your Eyes on Hot Stock : Costco Wholesale Corporation (COST)

Costco Wholesale Corporation (COST) added 1.02% with the finishing price of $385.66 in Tuesday Trading Session. The stock price showed 0.66%...

Hot Stock Roundup : United Airlines Holdings, (UAL)

United Airlines Holdings, (UAL) added 2.33% with the finishing price of $46.1 in Tuesday Trading Session. The stock price showed...

Active Stock Alert : Zoom Video Communications, (ZM)

Zoom Video Communications, (ZM) addition -7.50% with the finishing price of $442.5 in Tuesday Trading Session. The stock price showed...