Raise Money, Landsberger Str. 104, Munich (2026)

26/02/2021

The dollar was up on Friday morning in Asia, holding onto gains made during the previous session, where it climbed up from three-years low after a surge in U.S. bond yields.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies was up 0.29% to 90.395 by 11:47 PM ET (4:47 AM GMT).

The USD/JPY pair inched down 0.01% to 106.20.

TheAUD/USD edged down 0.17% to 0.7859. The AUD continued its retreat after topping the 0.8 mark on Thursday for the first time since February 2018 and dropped back down to the 0.7 mark.

The NZD/USD pair was down 0.43% to 0.7340.

The USD/CNY pair was up 0.28% to 6.4720 while the GBP/USD pair was down 0.42% to 1.3954.

The yen, which usually weakens as U.S. yields rise, dropped to a record six-month low against the dollar,

U.S. Treasuries, and government bonds in general, have become a focal point for investors globally as they pounced to price in the monetary tightening signaled earlier by the U.S. Federal Reserve and its counterparts.

The safe-haven yen’s decline came even as Asian stocks followed their U.S. counterparts down as the spike in yields fanned inflation worries. Emerging-market and commodity-linked currencies also retreated, with the Australian and Canadian dollars dropping from three-year highs.

“The fixed income rout is shifting into a more lethal phase for risky assets,” after initially being interpreted as a story of improving growth expectations," Westpac analysts said in a note.

“It appears to be the case that bond markets are ‘taking on’ the central bankers’ world view and standing in front of the current momentum is unwise,” the note added.

Bond yields have soared in 2021 as hopes for a U.S. stimulus package and continuous ultra-easy monetary policy rise. The quick pace of COVID-19 vaccine rollouts globally has also boosted the reflation trade.

Inflation-adjusted bond yields have seen a recent acceleration, reflecting growing concerns that central banks could scale back ultra-loose policies, even as they continue to strike a dovish tone.

The benchmark ten-year Treasury yield surged above 1.6% during the previous session for the first time in a year, after the weak demand for an auction of $62 billion worth of seven-year notes.

The yield spike also spilled into cryptocurrencies, with Bitcoin sliding 5% overnight and ether dropping 9%.

26/02/2021

The U.S. dollar touched a fresh six-month high versus the yen and extended a rebound from a three-year lows to the Aussie on Thursday, lifted by a sharp increase in U.S. bond yields overnight.

Government bonds, and particularly U.S. Treasuries, have become the focal point of markets globally, after traders aggressively moved to price in earlier monetary tightening than signalled by the Federal Reserve and its peers.

Asian stocks extended a global equity sell-off, with risk appetite souring as the surge in yields fomented inflation worries. Emerging-market and commodity-linked currencies continued to retreat Thursday, while cryptocurrencies stabilised after tumbling overnight.

"The market has gotten more and more confident about how strong the global economy could look in the second half of the year, and implied in that is increasing skepticism that central banks will be able to honor the promises they've given that rates are not going anywhere," said Ray Attrill, head of forex strategy at National Australia Bank (OTC:NABZY) in Sydney.

"The decline in bonds spooked equities," leading to "classic U.S. dollar safe-haven support," he said.

The dollar index edged up to 90.38, holding on to a 0.2% rise from Thursday, when it rebounded from losses of as much as 0.26% before the bond tender. That leaves it down less than 0.2% for the month, following January's 0.6% gain.

The greenback was little changed at 106.165 yen after earlier touching 106.43 for the first time since September. It has strengthened 2.8% this year after the first back-to-back monthly increases since mid-2018, putting the yen among the worst performing major currencies in 2021.

Both the dollar and yen are traditional haven currencies, but the yen tends to decline when U.S. yields rise, whereas the dollar tends to strengthen.

Bond yields have climbed this year on the outlook for massive fiscal stimulus amid continued ultra-easy monetary policy, led by the United States.

An acceleration in the pace of vaccinations globally has also bolstered what has become known as the reflation trade, referring to bets on an upswing in economic activity and prices.

In recent days though, a rise in inflation-adjusted bond yields has accelerated, indicating a growing belief that central banks may need to pare back ultra-loose policies, despite their dovish rhetoric.

"The fixed income rout is shifting into a more lethal phase for risky assets," after initially being interpreted as a "story of improving growth expectations," Westpac strategists wrote in a client note.

"It appears to be the case that bond markets are 'taking on' the central bankers' world view, and standing in front of the current momentum is unwise."

The benchmark 10-year Treasury yield surged above 1.6% overnight for the first time in a year, after an auction of $62 billion of 7-year notes was met with weak demand.

The Australian dollar continued its retreat after topping $0.80 on Thursday for the first time since February of 2018, declining 0.6% to 0.78195.

New Zealand's currency dropped 0.4% to $0.7336 after reaching $0.7463 Thursday, a level not seen since August 2017.

The Canadian dollar weakened 0.1% to C$1.2620 after falling from its own three-year top to the greenback at C$1.2468 overnight.

The euro slid 0.2% to $1.21475 after touching a seven-week high of $1.22435 on Thursday.

Cryptocurrencies remained lower after tumbling overnight. Bitcoin changed hands at $46,443 following Thursday's 5% slide, while ether traded at $1,473 following a 9% drop.

26/02/2021

The dollar climbed higher in early European trading Friday, lifted by a sharp rise in U.S. Treasury yields, while riskier currencies were hit hard amid fears central banks will have to tighten sooner than previously expected.

At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was up 0.4% at 90.468, also higher for the week and only 0.2% lower this month.

EUR/USD fell 0.3% to 1.2137, after touching a seven-week high Thursday, GBP/USD fell 0.6% to 1.3933, USD/JPY was down 0.1% at 106.07, after earlier touching 106.43 for the first time since September.

The risk-sensitive AUD/USD fell 0.6% to 0.7823, after earlier trading near a three-year high, NZD/USD dropped 0.5% to 0.7338 after reaching 0.7463 Thursday, a level not seen since August 2017, while USD/CAD climbed 0.3% to 1.2632.

Government bonds, and particularly U.S. Treasuries, have started to become the focal point of markets globally, as traders now expect inflation to rise aggressively as economies recover on the back of extreme levels of fiscal stimulus and very loose monetary policies. As such, the fact that a Treasury auction on Thursday drew the weakest ratio ever of bids relative to the intended sale volume was the catalyst for a broad collapse in risk sentiment across markets. The yield on the benchmark 10-year U.S. Treasury note briefly crossed the 1.6% level to trade at its highest level in more than a year.

While central bank rhetoric has remained very dovish - notably the testimony this week from Federal Reserve Chairman Jerome Powell, the rise in bond yields has indicated a growing belief that monetary policies will have to be tightened more quickly than originally envisioned.

“Risks are tilted towards a faster rise in yields. History has shown us that exiting from very easy central bank policies can be tricky,” said analysts at Nordea, in a research note. ”While Powell has for now promised that sizable bond purchases will continue, the time to start to tweak that communication may not be that far into the future.”

The bank says the dollar is at risk of wrong-footing the consensus once more, strengthening rather than weakening in 2021, and lowers its year-end forecast for EUR/USD to 1.16.

Currencies favored for leveraged carry trades all suffered, and in Europe USD/TRY rose 0.3% to 7.3561.

25/02/2021

The dollar weakened in early European trading Thursday, falling to near three-year lows against a number of riskier currencies after Federal Reserve Chairman Jerome Powell stated the central bank’s easy policy stance was here to stay.

At 3:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, was down 0.3% at 89.920.

EUR/USD rose 0.2% to 1.2193, near a one-month high, GBP/USD climbed 0.1% to 1.4153, after almost reaching 1.43 overnight for the first time since April 2018, and USD/JPY was up 0.2% at 106.08.

The risk-sensitive AUD/USD rose 0.3% to 0.7992, a fresh three-year high, NZD/USD was up 0.2% at 0.7447, just off Wednesday’s high of 0.7455, while USD/CAD fell 0.1% to 1.2496, near the three-year low of 1.2493.

Fed boss Jerome Powell continued his semi-annual testimony to Congress on Wednesday, telling the House of Representatives Committee on Financial Services that the central bank won't change its extremely accommodative stance until the U.S. economy is clearly improving, particularly the labor market, and would thus look through any near-term spike in inflation.

“Our policy is accommodative because unemployment is high and the labor market is far from maximum employment," Powell said.

These remarks maintained the dovish tone he had used in his testimony before the Senate on Tuesday.

“The Fed’s reiteration of a looser for longer policy and the lack of signal of any reduction in bond purchases regardless of the improving economic outlook remains – from an FX perspective – a key point in favour of a generalised dollar decline,” said ING analysts, in a research note.

Easy financial conditions, the promise of fiscal stimulus, with an additional $1.9 trillion making its way through Congress, and an accelerating Covid-19 vaccine rollout have resulted in growing confidence in a global economic recovery, to the detriment of the safe-haven dollar.

With Powell emphasising the importance of the labor market, eyes will focus later in the session on the weekly unemployment claims data. Analysts are expecting a slight improvement though still-elevated levels of both initial claims and continuing claims.

The second print of the fourth quarter gross domestic product release is also due later Thursday, with analysts expecting a reading of 2.0%, which would be up slightly from the first print of 1.9%.

25/02/2021

The dollar index fell to its lowest since early January on Thursday and dropped to three-year lows against the Australian and Canadian dollars, after dovish signals from the U.S. Federal Reserve boosted the reflation trade in currency markets.

Easy financial conditions, the promise of fiscal stimulus and accelerating COVID-19 vaccine rollouts have driven money into what's known as the reflation trade, referring to bets on an upswing in economic activity and prices.

Commodity-linked currencies are placed to benefit from a pickup in global trade, while investors have also cheered Britain's progress in recovering from the coronavirus pandemic.

Fed Chair Jerome Powell reiterated on Wednesday that the central bank will not tighten its policy until the economy improves.

"The improving global growth outlook continues to be supported by loose monetary and fiscal policies," wrote Lee Hardman, currency analyst at MUFG in a note to clients.

"For now we continue to see the current trading environment as remaining supportive for commodity-related currency strength, and recommended a long AUD/USD trade."

At 0824 GMT, the dollar index was down 0.1% at 89.92 against a basket of currencies.

The Australian dollar, which is considered a liquid proxy for risk appetite, was up 0.3%, after reaching a three-year high of 0.7994 versus the U.S. dollar at 0826 GMT. The Canadian dollar was also at a three-year high against the U.S. dollar, at 1.2495 at 0757 GMT.

The New Zealand dollar was close to the previous session's three-year highs, flat on the day at 0.7446 at 0830 GMT.

Oil prices have rallied around 30% since the start of the year, taking the commodity-linked Norwegian crown to its strongest since late 2018 against the dollar.

The euro touched its highest in over a month versus the dollar, briefly rising above $1.22. At 0831 GMT, it was at $1.2192, up 0.2% on the day.

Euro-Swiss franc has surged this week, as investors quit the safe-haven franc. The euro is in its eight consecutive session of gains versus the franc and has had its strongest week in percentage change terms since June 2020.

At 0834 GMT, the euro was up around 0.1% versus the franc, at 1.1043.

"This is a big vote of confidence in the global recovery, and we see EUR/CHF on track to meet our year-end forecast at 1.15," ING global head of markets Chris Turner wrote in a note to clients on Wednesday.

Reuters polls found that market participants expect the bull run in global stocks, fuelled by cheap liquidity and reflation hopes, to continue for at least another six months.

Bitcoin was steady around the $50,000 mark, having recovered some of its losses from the start of the week.

25/02/2021

The dollar was up on Thursday morning in Asia, but stayed near three-year lows, as the U.S. Federal Reserve continued a dovish stance that stoked reflation fears.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.07% to 90.095 by 9:24 PM ET (2:24 AM GMT). The U.S. currency also fell to a fresh low against the Australian dollar and hovered near lows seen overnight against the pound as well as the Canadian and New Zealand dollars.

The USD/JPY pair edged up 0.16% to 106.03. The yen, a fellow safe-haven currency to the dollar, saw a third consecutive of losses against the greenback.

The AUD/USD pair inched down 0.07% to 0.7962, afetr the AUD climbing to a fresh three-year high earlier in the session. Across the Tasman Sea, the NZD/USD pair edged down 0.12% to 0.7424, close to the multi-year highs reached during the previous session.

The USD/CNY pair was steady at 6.4558.

The GBP/USD pair inched down 0.03% to 1.4135, with the pound nearing the $1.43 mark during the previous session for the first time since April 2018.

The euro was also trading near the top of its recent range, after nearing a one-month high earlier in the week.

Fed Chairman Jerome Powell on Wednesday reiterated that the central bank would maintain its easy policy until there are clear signs of economic improvement and would look through the short-term rise in inflation. The comments, part of Powell’s testimony before the House of Representatives Committee on Financial Services, were not dissimilar to Powell’s testimony before the Senate on Tuesday.

“Powell made it very clear that the improvement in the economic outlook thus far will not instigate the Fed to tighten monetary policy … the punch bowl ain’t going anywhere anytime soon and the policy backdrop should remain supportive for risk assets for some time,” National Australia Bank (OTC:NABZY) foreign exchange strategist Rodrigo Cattrill said in a note.

Investors also continue to turn to the reflation trade, placing bets on increasing economic activities and prices, driven by easy financial conditions, the promise of fiscal stimulus and an accelerating COVID-19 vaccine rollout.

In a boost for the global vaccine rollout, an Israeli study showed that two doses of the Pfizer Inc. (NYSE:PFE)/BioNTech SE (F:22UAy) COVID-19 vaccine cut symptomatic COVID-19 cases by 94% across all age groups, and severe illnesses by nearly as much. The study results were published and peer-reviewed in the New England Journal of Medicine on Wednesday.

22/02/2021

Bitcoin hit a fresh high on Saturday, extending a two-month rally that took its market capitalization above $1 trillion on Friday.

The world's most popular cryptocurrency rose to a record $57,553, taking its weekly gain to around 20%. It has surged nearly 100% this year.

Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla (NASDAQ:TSLA) Inc, Mastercard Inc (NYSE:MA) and BNY Mellon (NYSE:BK).

Ether, the second-largest cryptocurrency by market capitalization and daily volume, on Saturday hit a record $2,040.62, for a weekly gain of about 12%.

Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.

Ether futures contracts launched on derivatives exchange CME earlier this month.

Elon Musk, the billionaire chief executive of Tesla, said on Saturday the price of bitcoin and ethereum seemed high.

22/02/2021

The dollar was down on Monday morning in Asia, falling to a three-year low against the AUD and a three-year low against the GBP as continued progress on curbing the COVID-19 virus boosted risk sentiment.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched down 0.02% to 90.323 by 9:14 PM ET (2:14 AM GMT).

The USD/JPY pair was up 0.22% to 105.66, with the dollar holding steady against the yen.

The AUD/USD pair was up 0.26% to 0.7890 and the NZD/USD pair was up 0.23% to 0.7320. Giving a boost to the Antipodean risk currencies is the rollout of COVID-19 vaccines, with New Zealand starting inoculations on Sunday and Australia following suit earlier in the day.

Australia was also set to report no local cases for a third consecutive day. Fitch also said on Monday that the vaccines will also ease risks to Australia’s economy over the year as it maintained the country’s AAA credit rating, albeit with a negative outlook.

The USD/CNY pair edged up 0.11% to 6.4625.

The GBP/USD pair inched up 0.08% to 1.4025, with the pound climbing above the 1.4 mark. In the U.K., investors await Prime Minister Boris Johnson’s plan to ease the current COVID-19 lockdowns as the country presses on with one of the fastest vaccine rollouts globally.

An investor move towards currencies with close ties to the commodities trade as risk sentiment improves also benefitted the Antipodean currencies. The dollar dropped towards a three-year low against the NZD, while the AUD was at its highest level since March 2018.

Some investors said that the safe-haven greenback is likely to drop further as the focus remains on the global economic recovery from COVID-19, and progress against the pandemic continues to be made.

“Commodity currencies and the pound are particularly strong against the dollar, and this trend looks set to continue,” Daiwa Securities foreign exchange strategist Yukio Ishizuki told Reuters.

“The U.K.’s vaccination program is making a lot of progress. Economic activity is gradually returning to normal in many places, which puts some pressure on the dollar,” Ishizuki added.

Also contributing to the dollar’s woes was dollar net short positioning falling to $29.09 billion during the previous week, according to Commodity Futures Trading Commission data. This is dollar shorts’ lowest level since mid-December and a fourth consecutive week of losses, an indication that some dollar optimism remains.

Recent gains in long-term Treasury yields and an improved U.S. COVID-19 response will lend the dollar some mild support, Daiwa’s Ishizuki said.

Meanwhile, in cryptocurrency, bitcoin dropped slightly to the $57,090 mark but remained near the previous week’s record high as mainstream acceptance of the digital asset continues to increase. Rival cryptocurrency Ether dropped to $1,918.

22/02/2021

The U.S. dollar was sold to multi-year lows against sterling and the Australian and New Zealand currencies on Monday, as investors cheered vaccine progress and wagered on the pandemic recovery bringing a global trade boom and an export windfall.

The British pound hit $1.4043, its highest since April 2018, as Prime Minister Boris Johnson charts a path out of lockdowns on the back of rapid vaccinations.

The Aussie rose as much as 0.5% to an almost three-year high of $0.7908 and the kiwi hit $0.7338, also its best since early 2018, helped by S&P's upgrade of New Zealand's sovereign credit ratings by a notch.

The euro was steady at $1.2119, while the yen was the only major to cede ground to the greenback as rising U.S. Treasury yields drew investment flows from Japan.

Benchmark 10-year Treasury yields rose to 1.3940%, their highest since Feb. 2020 and the dollar was up 0.2% to buy 105.73 yen.

With local yields anchored by the Bank of Japan, the yen remains particularly sensitive to the U.S. bond market, and has dropped 2% this year while U.S. ten-year yields have climbed nearly 50 basis points. [US/]

Sovereign yields elsewhere in Asia have gained in tandem, or in the case of Australia and New Zealand far in excess of U.S. rates, leaving little or no relative benefit for the dollar, as investors begin to price in a pickup in global inflation.

"There's a tide of higher rates across the board, and whether the U.S. does an extra five basis points than Germany is neither here nor there," said Jason Wong, senior market strategist at BNZ in Wellington.

"The bigger picture is (the United States) has got massive debt issuance for stimulus and to find a buyer for that debt you either need higher rates or a lower currency or both, and at the moment we're getting both."

The U.S. dollar index was steady at 90.355.

HOT COMMODITY

Besides the U.S. budget deficit, a growing trade deficit has also weighed on the dollar, as have the large gains that rising commodity prices have delivered to exporters' currencies.

Copper has gained roughly 8% for the year and hit a nine-year peak on Monday, oil has gained more than 22% for the year to date, iron ore about 10% and dairy prices nearly 7%.

The Aussie dollar, which rose nearly 40% from last March's trough through to the end of 2020 has added another 2% this year, while the kiwi and Canadian dollar have added 1% or more and analysts said the rallies might have further to run.

"We are recommending a long AUD/USD trade idea," said analysts at MUFG Bank in a note to clients. "The Aussie is continuing to benefit from the outperformance from building optimism over the global growth/reflation outlook which is helping to improve Australia's terms of trade."

The bank also recommends a long sterling position as diminished Brexit uncertainty and solid progress in vaccinating the British population herald a strong economic recovery.

Ahead on Monday, British Prime Minister Johnson is expected to outline a roadmap out of lockdowns, a German sentiment survey is due and European Central Bank President Christine Lagarde is expected to sound dovish in a speech beginning at 1345 GMT.

Later in the week, the New Zealand central bank sets policy on Wednesday and then U.S. Federal Reserve Chairman Jerome Powell testifies before Congress, also on Wednesday.

In the cryptocurrency market, bitcoin eased slightly to $56,159, but was still near a record high as the digital asset gains more mainstream acceptance.

Ether, a rival cryptocurrency, fell to $1,871.

19/02/2021

The pound surged to nearly three-year highs against the dollar Thursday, and is likely to continue its upward trajectory over the short-term, but could be in for rude awakening once the impact of Brexit begins to make its mark.

GBP/USD rose 0.81% to $1.3965 reaching its highest level March 2018.

The sharp jump in the pound comes as U.K. Prime Minister Boris Johnson recently said the lockdown restrictions would be lifted in stages. The prime minister has appeared eager to quell growing optimism over a faster reopening, insisting further data was needed on how much vaccines can reduce transmission rates.

Further data from the U.K.'s vaccine roll out is expected Friday, though it is unclear whether it will how effective the vaccine is at reducing the spread of infection.

While the successful vaccination campaign in the U.K. is "fueling hopes for a quick recovery and boosting the pound, … once the effects of the Brexit become more apparent, the trend is likely to turn again," Commerzbank (DE:CBKG) said.

It may, however, take a "considerable time before the impact of the pandemic and that of Brexit become more clearly distinguishable … due to the Corona-related lockdown, " Commerzbank said.

Still, those willing to stick with the pound are likely to be rewarded as the "chances are good that the pound will appreciate significantly more in the short term than we currently assume in our forecasts," it added.

The latest CFTC positioning data on the pound showed speculators materially added to their bullish positions.

Bullish bets on the pound jumped to an 11-month high against the dollar, according to CFTC data for the week ending Feb .9.

19/02/2021

The dollar was up on Friday morning in Asia, clawing back some losses. The U.S. currency saw its biggest losses in ten days after disappointing U.S. labor data finally dented recent optimism for the country’s quick economic recovery from COVID-19.

The U.S. Dollar Index that tracks the greenback against a basket of other currencies inched up 0.09% to 90.632 by 9:16 PM ET (2:16 AM GMT). The index was little changed as Friday’s session opened, after it dropped 0.4% overnight.

The USD/JPY pair inched up 0.06% to 105.72. The dollar was little changed against the safe-haven yen after two consecutive days of retreat from a five-month high hit on Wednesday.

The AUD/USD pair inched down to 0.06% to 0.7762 and the NZD/USD pair edged down 0.19% to 0.7206.

The USD/CNY pair was down 0.27% to 6.4691.

The GBP/USD pair edged down 0.12% to 1.3954. The pound was mostly flat after climbing to an almost three-year high during the previous session, the highest gains in more than a month, as the U.K. continues to roll out an ambitious COVID-19 vaccination program.

Elsewhere in Europe, the euro was also flat after gaining 0.4% overnight.

The greenback is slowly returning to its safe-haven asset role, but sentiment was soured by the unexpected rise in the number of U.S. jobless claims. A total of 861,000 claims were filed during the previous week, against the 765,000 claims in forecasts prepared by Investing.com and the 848,000 claims filed during the previous week.

The disappointing data is impacting the dollar, however, even as progress is made on a $1.9 trillion stimulus package proposed by President Joe Biden and other economic indicators are more positive.

“The prospect of a massive U.S. fiscal stimulus plus a successful vaccine roll-out are solid arguments to bet on a U.S. recovery this year … but the overnight jobless claims data serve as a reminder of the unevenness of the recovery so far,” National Australia Bank (OTC:NABZY) senior foreign exchange strategist Rodrigo Catril said in a note.

Cryptocurrencies took a little breather, with bitcoin near the $51,500 mark after reaching a record $52,604 in a rally driven by endorsements from Tesla Inc. (NASDAQ:TSLA) among others. It has risen around 71% in 2021 to date, after it more than quadrupled in 2020.

Ethereum took advantage of its larger rival’s breather, climbing to a record high of $1,951.89 on Friday, soaring around 162% in 2021. It was also boosted after chipmaker NVIDIA Corp. (NASDAQ:NVDA) announced a new processor designed specifically for mining the cryptocurrency.

19/02/2021

The U.S. dollar paused on Friday after its biggest loss in 10 days as disappointing U.S. labour market data bruised optimism for a speedy recovery from the COVID-19 pandemic.

The greenback continued to buck its traditional role as a safe-harbour currency, falling in sympathy with U.S. stocks overnight after an unexpected increase in weekly jobless claims soured the economic outlook.

The British pound traded near an almost three-year high reached overnight, when it surged the most in more than a month, amid Britain's aggressive vaccination programme.

The dollar index was little changed at 90.561 in the Asian session, after a 0.4% decline overnight cut short a two-day winning streak. For the week, the gauge is now back to more or less break-even.

The string of soft labour data is weighing on the dollar even as other indicators have shown resilience, and as President Joe Biden's pandemic relief efforts take shape, including a proposed $1.9 trillion spending package.

"The prospect of a massive U.S. fiscal stimulus plus a successful vaccine roll-out are solid arguments to bet on a U.S. recovery this year," Rodrigo Catril, senior foreign exchange strategist at National Australia Bank (OTC:NABZY) in Sydney, wrote in a client note.

"But the overnight jobless claims data serve as a reminder of the unevenness of the recovery so far."

Sterling was mostly flat at $1.3965 on Friday following a 0.8% jump in the previous session, when it rose as high as $1.3986 for the first time since April 2018.

The euro was little changed at $1.2093 after rising 0.4% overnight.

The dollar bought 105.555 yen, little changed following a two-day retreat from the five-month high of 106.225 reached Wednesday.

Many analyst expect the dollar to weaken over the course of the year as it has traditionally done during times of global economic recovery, though it might take some time to develop.

"It looks to me like there’s some exhaustion in that just-straight global reflation theme," leading the dollar to trend largely sideways for now, said Daniel Been, head of FX at ANZ in Sydney.

The trade should reignite once fiscal stimulus starts to kick in and services start to reopen in a more fulsome way, he said.

"We see it broadly as a dollar-negative story," he said.

In cryptocurrencies, bitcoin traded at $51,335.71, consolidating for a second day after hitting a record $52,640 on Wednesday in a rally fuelled by endorsements from Tesla (NASDAQ:TSLA) Inc and others. It has risen about 78% so far in 2021, after more than quadrupling last year.

Smaller rival ethereum rose to a record $1,951.89 on Friday, just pipping the previous day's high, before trading at $1,909.41. It has surged some 162% this year.

On Thursday, chipmaker Nvidia (NASDAQ:NVDA) Corp announced a new processor designed specifically for mining ethereum.

Raise Money

26/02/2021

26/02/2021

26/02/2021

25/02/2021

25/02/2021

25/02/2021

22/02/2021

22/02/2021

22/02/2021

19/02/2021

19/02/2021

19/02/2021

Adresse

Webseite

Benachrichtigungen

Service Kontaktieren

Verknüpfungen

Teilen