Forex News

Dollar edges lower; Consolidating after sharp COVID-inspired gains

2022.11.22 03:31



© Reuters.

By Peter Nurse

Investing.com – The U.S. dollar edged lower in early European trade Tuesday, consolidating after recent strong gains as the deteriorating COVID situation in China prompted demand for the safe haven currency.

At 03:05 ET (08:05 GMT), the , which tracks the greenback against a basket of six other currencies, fell 0.2% to 107.507, after rising close to 0.8% overnight, the largest daily gain since Nov. 3.

China has reported a surge in new COVID-19 cases, with record-high daily infections prompting new lockdown measures in several economic hubs including Beijing and Shanghai.

The nation’s capital, Beijing, also reported its first COVID-related death over the weekend since late May.

“It seems that the recent outbreak of Covid in some Chinese cities is still prompting similarly restrictive measures and that the Covid Zero policy has yet to undergo wholesale changes,” said analysts at ING, in a note.

This is raising fears that economic activity would be severely impacted in the world’s second largest economy and major regional growth driver.

That said, there appears to be a consolidation phase occurring Tuesday after the previous session’s large gains for the dollar.

fell 0.1% to 7.1586, after gaining more than 0.7% overnight, with the yuan falling to a 10-day low.

Elsewhere, rose 0.2% to 1.1844, partially reversing its 0.6% fall overnight, after U.K. grew less than forecast in October despite the government’s first support payments to help with household energy bills.

rose 0.2% to 1.0265, rebounding after an 0.8% overnight loss, ahead of the release of figures for November, which are expected to show a small improvement to -26.0 from -27.6.

fell 0.2% to 141.81, after rising more than 1% in the previous session, while the risk-sensitive rose 0.3% to 0.6623, after sliding nearly 1% overnight.

The Organisation for Economic Co-operation and Development is scheduled to publish its latest economic outlook on Tuesday, having warned in September that energy and inflation crises risk pushing large economies into recessions.



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 68,817.44 0.25%
ethereum
Ethereum (ETH) $ 2,437.22 0.87%
tether
Tether (USDT) $ 1.00 0.05%
bnb
BNB (BNB) $ 559.86 0.16%
solana
Solana (SOL) $ 161.91 0.32%
usd-coin
USDC (USDC) $ 1.00 0.00%
xrp
XRP (XRP) $ 0.514268 1.98%
dogecoin
Dogecoin (DOGE) $ 0.168334 11.60%
staked-ether
Lido Staked Ether (STETH) $ 2,436.38 0.90%
tron
TRON (TRX) $ 0.162269 1.63%
cardano
Cardano (ADA) $ 0.330772 0.00%
the-open-network
Toncoin (TON) $ 4.60 5.07%
shiba-inu
Shiba Inu (SHIB) $ 0.000018 4.87%
wrapped-steth
Wrapped stETH (WSTETH) $ 2,870.61 1.55%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 68,642.39 0.12%
avalanche-2
Avalanche (AVAX) $ 23.16 1.45%
weth
WETH (WETH) $ 2,436.55 0.90%
bitcoin-cash
Bitcoin Cash (BCH) $ 338.14 1.30%
chainlink
Chainlink (LINK) $ 10.49 1.41%
leo-token
LEO Token (LEO) $ 6.07 0.50%
usds
USDS (USDS) $ 0.992955 0.78%
polkadot
Polkadot (DOT) $ 3.82 1.33%
sui
Sui (SUI) $ 1.92 2.67%
litecoin
Litecoin (LTC) $ 66.98 0.90%
near
NEAR Protocol (NEAR) $ 3.69 1.77%
wrapped-eeth
Wrapped eETH (WEETH) $ 2,552.87 1.26%
aptos
Aptos (APT) $ 8.19 0.75%
uniswap
Uniswap (UNI) $ 6.93 0.49%
pepe
Pepe (PEPE) $ 0.000008 0.45%
internet-computer
Internet Computer (ICP) $ 7.13 0.49%
dai
Dai (DAI) $ 0.999737 0.04%
bittensor
Bittensor (TAO) $ 427.96 0.17%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.15 1.99%
monero
Monero (XMR) $ 159.59 1.23%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
stellar
Stellar (XLM) $ 0.092232 1.57%
whitebit
WhiteBIT Coin (WBT) $ 18.94 0.26%
ethereum-classic
Ethereum Classic (ETC) $ 17.93 1.37%
kaspa
Kaspa (KAS) $ 0.105965 3.02%
first-digital-usd
First Digital USD (FDUSD) $ 0.999836 0.37%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.297317 0.73%
blockstack
Stacks (STX) $ 1.51 3.85%
okb
OKB (OKB) $ 37.44 0.28%
dogwifcoin
dogwifhat (WIF) $ 2.04 0.91%
filecoin
Filecoin (FIL) $ 3.34 0.07%
aave
Aave (AAVE) $ 130.61 0.51%
crypto-com-chain
Cronos (CRO) $ 0.071627 0.49%
arbitrum
Arbitrum (ARB) $ 0.480762 0.03%
mantle
Mantle (MNT) $ 0.556333 0.42%
immutable-x
Immutable (IMX) $ 1.08 0.81%