Exchange: scattered order of currencies : Orishas-finance

Version Française

Exchange: scattered order of currencies

30/10/2024

Source : ORISHAS-FINANCE

Categories: Economy/Forex

imprimer

Enjoy a simplified experience

Find all the economic and financial information on our Orishas Direct application to download on Play Store

This Wednesday, currencies move in scattered order. While the US dollar oscillates, the Australian remained on the defensive. The Chinese yuan is weakening and the rupee remains unchanged. For its part, the pound is stable.

The US dollar hovered near a three-month high on Wednesday, during an important week in terms of macroeconomic data that could reveal the path of US monetary policy. It came close to a three-month low after some inflation rigidity suggested that a Reserve Bank of Australia interest rate cut was unlikely this year. The US dollar index, which measures the currency against six main rivals including the yen and the euro, was little changed at 104.24, after reaching the highest level since July 30 at 104.63 on Tuesday before ending the day

almost flat.

The Australian dollar stayed on the defensive on Wednesday after local inflation data proved too mixed to offer significant support as market prices on interest rates changed little.

The Australian dollar has been put under pressure in part by a steady rise in US bond yields over the past few weeks as markets reduced expectations for Federal Reserve easing, which in turn boosted the US dollar as a whole.

For its part, the Chinese yuan weakened further Wednesday against the US dollar, which is hovering near a three-month high as betting odds rose for former President Donald Trump to win a second term in the November presidential election. The onshore yuan was down 0.12% to 7.1363 against the dollar at 04:00 GMT, after moving in a range of 7.1249 to 7.1368, after moving in a range of 7.1249 to 7.1368, close to a two-month low. Its offshore counterpart was trading at 7.1499 yuan per dollar, down about 0.1% in Asian trading, after breaking through the key resistance level of 7.15 to the

dollar in morning trading.

De son côté, The Indian rupee remained stable against the dollar on Wednesday in the run-up to important American data and the presidential election, while futures bonuses rose in response to lower U.S. Treasury yields. At 10:50 IST, the rupee was 84.0750 per US dollar, unchanged from the previous session. Other Asian currencies were mostly weaker, the dollar index was up slightly, and Indian stocks fell.

The pound remained stable against the dollar and the euro. Sterling traders rushed to hedge against major price movements on Wednesday, just hours away from Labor Finance Minister Rachel Reeves' first budget. The pound stable before the British budget, en route to its first monthly decline since September 2023.

Provided by AWS Translate