Currency: scattered order on the market : Orishas-finance

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Currency: scattered order on the market

27/09/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

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Le dollar américain vacille vendredi, tandis que les Australian and New Zealand dollars hit highs close to several months ago. The South African rand and the Chinese yuan have remained stable against the dollar and the Indian rupee is expected to open without much change.

The dollar wavered on Friday and seemed poised for a third consecutive month of decline. Investors are looking at U.S. data to assess the pace of interest rate cuts, while the wave of stimulus measures from China kept risk-sensitive currencies afloat.

According to the CME Group's FedWatch tool, however, the dollar remained on the defensive, with traders integrating 73 basis points (bps) of easing for the rest of the year, with a 51% chance of another oversized reduction of half a percentage point.

Australian and New Zealand dollars hit highs close to several months on Friday as hopes for a truly effective Chinese recovery boosted risky assets and commodities.

The New Zealand dollar paused at $0.6326, after climbing 1% overnight and returning to a nine-month high of $0.6355.

The South African rand held steady against the dollar on Friday, with the local currency maintaining its recent gains amid improved risk appetite and positive domestic sentiment.

At 07:58 GMT, the rand was trading at 17.1975 against the dollar, not far from its previous close.

The Chinese yuan, for its part, remained stable during a week during which the authorities deployed massive stimulus measures and the stock markets recorded historic gains, its gains being thwarted by state bank sales and speculation. according to which the government does not want it to increase.

The onshore yuan was close to trading below 7 to the dollar, and one trader said that he would certainly have crossed the key threshold if determined purchases by state banks had not stopped him.

The Indian rupee is expected to open on Friday without much change, as traders assess the decline in the chances of a further 50 basis point rate cut by the US Federal Reserve, while recent gains in the yuan should support Asian currencies.

The rupee will be “supported at the margin” by the yuan's rise and is expected to range between 83.50 and 83.80 in the short term, said a trader at a private bank.

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