Just in:
French Leaders Gather for Interfaith Iftar Dinner // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // Saudi Arabia Unveils Green Financing Tool to Achieve Net-Zero Goals // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // Ingdan Announces 2023 Annual Results // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Emirati Aid Reaches Ukraine as Food Shortages Bite // CABSAT 2024 Ushers in 30 Years of Media Innovation // Andertoons by Mark Anderson for Fri, 29 Mar 2024 // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // No running of govt from jail, says Delhi Lt Governor // Global Audience to Witness Thrill of Dubai World Cup // Universal Language for Healthcare: General Authority Embraces Global Coding System // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // Sunshine’s Debut Features Leave Tech World Scratching Its Head //
HomeChannelsBusinessDollar highest in nine months as risk-on mood remains firmly intact

Dollar highest in nine months as risk-on mood remains firmly intact

1479095217

By Shinichi Saoshiro
| TOKYO

ADVERTISEMENT

TOKYO The dollar rose to a nine-month high against a basket of major peers early on Monday, as a risk-on mood in global markets triggered by Donald Trump’s election to president remained firmly intact.

The dollar index .DXY was up 0.4 percent at 99.428 after touching 99.445, its highest since Feb. 1.

The greenback has strengthened as expectations that Trump’s administration would boost spending, lift inflation and elevate Treasury yields took hold. The 10-year Treasury note yield US10YT=RR rose to a 10-month high of 2.18 percent in Asia.

Such hopes have also lifted the cloud of risk aversion in equity markets such as the United States and Japan, giving the dollar a big leg-up against the safe-haven yen. The Dow .DJI closed at a record high on Friday, while the Nikkei .N225 rose 1.4 percent in early trade Monday.

The dollar was up 0.6 percent at 107.360 yen JPY=, having risen above the 107 threshold for the first time since late July.

“It is probably a good idea to keep riding the dollar higher while the Trump camp has not yet revealed any specific policy steps,” said Masafumi Yamamoto, chief forex strategist at Mizuho Securities in Tokyo.

“The euro could be more easily exposed to negative pressure amid concerns that the win by Trump, with his anti-globalism agenda, could affect referendums and elections in Italy, Holland and France next year.”

The euro was down 0.5 percent at $1.0800 EUR= after touching $1.0798, its lowest since late January.

The Australian dollar was little changed at $0.7552 AUD=D4 and the New Zealand dollar was down 0.25 percent at $0.7107 NZD=D4.

The Aussie had dropped about 1.6 percent and the kiwi shed more than 3 percent last week against a broadly stronger dollar.

Currencies associated with the Trans Pacific Partnership, (TPP) such as the Aussie and kiwi, came under additional pressure after news on Friday that Trump’s election had effectively rendered the trade deal with Asian and Latin American nations a non-starter for the U.S. Congress.

Trump had made his opposition to the TPP a centerpiece of his election campaign.

The pound was down 0.2 percent at $1.2567 GBP=D4. It was still in reach of a five-week high of $1.2673 reached last week.

Sterling has benefited as market focus turned away from Brexit toward potential political risks in Europe, with expectations that Trump’s win could strengthen Britain’s ties with the United States.

(Reporting by Shinichi Saoshiro; Editing by Eric Meijer)

Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
First-Ever Fortune Innovation Forum Draws Top Global Leaders to Hong Kong, Promoting Agendas On Collective Cross-Sector Advancement // US reiterates concern over Kejriwal arrest, Cong accounts // Sharjah Chamber Breaks Ground on Final Expansion with New HQ Pact // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // New Nylon Constant Torque Hinge From Southco Provides Position Control In A Compact Package // Following the Money Trail: US and UK Investigate $20 Billion in USDT Transfers Tied to Sanctioned Russian Exchange // CABSAT 2024 Ushers in 30 Years of Media Innovation // 2024 Lok Sabha Elections Will Be The Costliest One Till Now In The Whole World // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Global Audience to Witness Thrill of Dubai World Cup // Hong Kong Crypto Exchange Application Stalled by US Lawsuit // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Melco Style Presents “SANRIO CHARACTERS STUDIO CITY CARNIVAL” – Explore a SANRIO World of Unlimited Love and Cuteness // Samsung Electronics Launches 2024 Neo QLED 8K, Neo QLED, and OLED Displays to Spark the AI Screen Era // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // Universal Language for Healthcare: General Authority Embraces Global Coding System // Digital Hub Unveiled: Xposure Launches Platform for Global Photography Community // German Job Market Resilience Bodes Well for Economic Recovery // Emirati Aid Reaches Ukraine as Food Shortages Bite // Sunshine’s Debut Features Leave Tech World Scratching Its Head //