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India

Gertrude Chavez-Dreyfuss

Dollar advances after robust U.S. jobs report, supports Fed on hold

06 Dec 2019

NEW YORK The dollar rose on Friday after five straight days of losses, bolstered by data showing the U.S. economy created way more jobs than expected in November, backing the Federal Reserve's stance of keeping interest rates on hold after cutting them three times this year.

Dollar slides on recent round of weak U.S. data; sterling, euro rise

06 Dec 2019

NEW YORK The dollar dropped for a fifth straight session on Thursday, pressured by softer-than-expected U.S. economic data and this week's robust performance by the euro and the British pound.

FOREX-Dollar retreats on recent round of weak U.S. data; sterling, euro gain

05 Dec 2019

* Dollar's Trump bump runs out of puff * Better-than-expected U.S. data on Thursday fails to lift dollar * Sterling best performer this week * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Adds new comment, FX table, updates prices, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, Dec 5 The dollar fell for a fifth straight session on Thursday, undermined by a recent slew of weaker-than-expected U.S. economic data and this week's robust performance by the euro and the British pound. The Federal Reserve, at its last monetary policy meeting, said it was on hold after cutting interest rates three times this year. But some analysts suggested that the Fed may have to reconsider that stance if U.S. economic data continues to underwhelm going forward. "You're looking at concerns that the U.S. economy is yet again slowing down just based on some poor numbers out of both ISM (Institute for Supply Management) numbers," said Joe Trevisani, senior analyst at FXStreet.com. "I don't think we'll get a weak number though on payrolls on Friday, which is the next big data, but until you get a good number on manufacturing, and here we go again with the U.S.-China trade problem, there's always going to be concern that the U.S. economy is not going to fulfil its potential," he added. Most currencies traded in tight ranges after turmoil induced by conflicting headlines on the fate of a preliminary U.S.-China trade deal and the lack of clarity on whether any kind of agreement can be reached before Dec. 15, when additional U.S. tariffs kick in on Chinese goods. But focus was also on how much damage the trade war is causing and whether the signs of economic stabilisation seen in the euro zone and Chinese data can continue. German industrial orders fell unexpectedly in October, data showed on Thursday. U.S. reports on Thursday such as weekly jobless claims and the trade deficit were mostly better than expected, but they are second-tier data that has little bearing on the Fed's monetary policy action. The trade deficit dropped to its lowest level in nearly 1-1/2 years in October to $47.2 billion, the smallest since May 2018. Initial claims for state unemployment benefits, on the other hand, dropped 10,000 to a seasonally adjusted 203,000 for the week ended Nov. 30, the lowest level since mid-April. That data followed Wednesday's dismal figures on private payrolls and services activity, and Monday's poor U.S. manufacturing activity index and construction spending figures. Meanwhile, manufacturing activity in the euro zone beat expectations. In late morning trading, the dollar index was down 0.2% at 97.454. The euro rose 0.2% versus the dollar to $1.1086, while the dollar slipped 0.1% against the yen to 108.78 yen. Sterling is this week's best performer, up more than 1.5% this week to the dollar, as it appears likely that the ruling Conservative Party will win a majority in next week's election and end 3-1/2 years of Brexit-related uncertainty by taking Britain out of the European Union. The British pound traded at a new seven-month high of $1.3146 and extended gains against the euro to a new 2-1/2-year high of 84.31 pence The pound was last up 0.3% versus the dollar at $1.3138. ======================================================== Currency bid prices at 10:38AM (1538 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1093 $1.1076 +0.15% -3.28% +1.1104 +1.1078 Dollar/Yen JPY= 108.7400 108.8500 -0.10% -1.38% +108.9900 +108.7300 Euro/Yen EURJPY= 120.64 120.58 +0.05% -4.42% +120.8900 +120.5600 Dollar/Swiss CHF= 0.9883 0.9884 -0.01% +0.70% +0.9895 +0.9874 Sterling/Dollar GBP= 1.3143 1.3103 +0.31% +3.03% +1.3158 +1.3104 Dollar/Canadian CAD= 1.3180 1.3199 -0.14% -3.35% +1.3203 +1.3158 Australian/Doll AUD= 0.6824 0.6849 -0.37% -3.22% +0.6855 +0.6822 ar Euro/Swiss EURCHF= 1.0964 1.0951 +0.12% -2.58% +1.0982 +1.0942 Euro/Sterling EURGBP= 0.8438 0.8452 -0.17% -6.08% +0.8457 +0.8431 NZ NZD= 0.6527 0.6527 +0.00% -2.83% +0.6562 +0.6521 Dollar/Dollar Dollar/Norway NOK= 9.1453 9.1726 -0.30% +5.86% +9.1772 +9.1405 Euro/Norway EURNOK= 10.1454 10.1620 -0.16% +2.42% +10.1685 +10.1320 Dollar/Sweden SEK= 9.4965 9.5113 -0.03% +5.94% +9.5250 +9.4911 Euro/Sweden EURSEK= 10.5336 10.5369 -0.03% +2.63% +10.5475 +10.5240 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Sujata Rao in London)

Yen, Swiss franc fall on U.S.-China trade deal optimism

05 Dec 2019

NEW YORK The safe-haven yen and Swiss franc fell on Wednesday, as risk appetite improved, after more positive rhetoric on U.S.-China trade negotiations from U.S. President Donald Trump.

Ex-Morgan Stanley developers launch high-speed cryptocurrency derivatives exchange

04 Dec 2019

NEW YORK A group of former software developers from Morgan Stanley announced on Wednesday the launch of a cryptocurrency derivatives exchange called Phemex that aims to execute trades in less than a millisecond for both retail and institutional investors.

FOREX-Dollar falls to one-month low on weak U.S. data; trade deal in focus

04 Dec 2019

* U.S. private sector payrolls report misses expectations * U.S. ISM services index falls in November * U.S.-China trade deal still in focus * Sterling gains lifts euro as well * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Recasts adds new comment, U.S. data, FX table, updates prices, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, Dec 4 The dollar fell to a one-month low on Wednesday, undermined by weaker-than-expected U.S. private sector job growth data that followed soft manufacturing numbers earlier in the week that fueled worries the world's largest economy could slip into recession. The U.S. currency also slid to a four-week trough versus the euro and earlier dipped to a two-week low against the yen before recovering to trade slightly higher on the day. "We have seen big U.S. data misses this week and that doesn't help dollar sentiment," said Shaun Osborne, chief FX strategist at Scotiabank in Toronto. A private survey showed on Wednesday that U.S. private-sector hiring in November unexpectedly slowed to its weakest pace in six months, as goods producers and construction companies cut jobs. U.S. companies' jobs rose by 67,000 last month, the ADP National Employment Report said. The median forecast among economists polled by Reuters called for a gain of 140,000 jobs. "This data is hard to ignore," Scotiabank's Osborne said. "We have seen some slowing in hiring in the U.S. recently. But it's not too surprising given the headwinds for global growth and the slowdown in the U.S." Following the soft payrolls report, data showed that the Institute for Supply Management's non-manufacturing index fell to 53.9 in November from 54.7 the previous month. The weaker-than-expected U.S. services report came after poor U.S. manufacturing data earlier this week. U.S.-China trade negotiations were also in focus on Wednesday. A Bloomberg report that the two sides were close to agreeing on the amount of tariffs that would be rolled back in a phase-one trade deal boosted the offshore-Chinese yuan by 0.2% to 7.05. The Chinese currency had languished around seven-week lows to the dollar after U.S. President Donald Trump said on Tuesday a trade agreement may be delayed until after the November 2020 U.S. presidential election. Overall, the dollar index fell 0.2% to 97.530, after earlier dropping to a one-month low of 97.433. The dollar trades with an 11% premium in times of trade uncertainty, Osborne said, but the greenback seems to have peaked in October as trade tensions have somewhat eased. "It's really gotten to the point where 'people familiar with trade negotiations' are on the ball and there is some progress here and we're going toward some skinny trade deal," Osborne said. "I would expect the dollar to soften." Against the yen, the dollar rose 0.2% to 108.81 yen Sterling gained 0.9% versus the dollar to $1.3118, lifting the euro with it, which rose 0.1% to $1.1091. ======================================================== Currency bid prices at 10:34AM (1534 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1086 $1.1081 +0.05% -3.34% +1.1115 +1.1067 Dollar/Yen JPY= 108.8500 108.6200 +0.21% -1.28% +108.8700 +108.4400 Euro/Yen EURJPY= 120.69 120.37 +0.27% -4.38% +120.7900 +120.1100 Dollar/Swiss CHF= 0.9882 0.9869 +0.13% +0.69% +0.9894 +0.9856 Sterling/Dollar GBP= 1.3100 1.2992 +0.83% +2.69% +1.3120 +1.2983 Dollar/Canadian CAD= 1.3229 1.3294 -0.49% -2.99% +1.3297 +1.3219 Australian/Doll AUD= 0.6843 0.6846 -0.04% -2.92% +0.6853 +0.6813 ar Euro/Swiss EURCHF= 1.0956 1.0935 +0.19% -2.65% +1.0968 +1.0922 Euro/Sterling EURGBP= 0.8461 0.8527 -0.77% -5.82% +0.8531 +0.8455 NZ NZD= 0.6525 0.6519 +0.09% -2.86% +0.6540 +0.6504 Dollar/Dollar Dollar/Norway NOK= 9.1658 9.1819 -0.18% +6.10% +9.2150 +9.1523 Euro/Norway EURNOK= 10.1630 10.1830 -0.20% +2.59% +10.2126 +10.1524 Dollar/Sweden SEK= 9.5085 9.5314 -0.14% +6.08% +9.5568 +9.4904 Euro/Sweden EURSEK= 10.5440 10.5588 -0.14% +2.73% +10.5920 +10.5380 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Saikat Chatterjee in London; editing by Bill Berkrot)

Yen, Swiss franc rise on renewed U.S.-China trade tension

04 Dec 2019

NEW YORK The safe-haven yen and Swiss franc rallied against the dollar on Tuesday as risk appetite eased after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 U.S. presidential election.

FOREX-Yen, Swiss franc advance after new U.S.-China trade wrinkle

03 Dec 2019

* Trump says U.S.-China trade deal might have to wait for 2020 election * Dollar whacked vs yen, Swiss franc by trade tensions * Yuan hits weakest since late October * Trump impeachment moves gather pace this week * Graphic: World FX rates in 2019 http://tmsnrt.rs/2egbfVh (Recasts, adds new comment, FX table, updates prices, changes byline, dateline; previous LONDON) By Gertrude Chavez-Dreyfuss NEW YORK, Dec 3 The safe-haven yen and Swiss franc rallied against the dollar on Tuesday as risk appetite eased after U.S. President Donald Trump said a trade deal with China might have to wait until after the 2020 U.S. presidential election. China's offshore yuan fell to its weakest versus the dollar since October after Trump's comments. The surprise statement hit the U.S. dollar broadly as investors dumped the currency, which has tended to rise when optimism over a trade deal has grown. Market participants have long been waiting for a final trade deal, especially as both countries appeared to be nearing a preliminary one. Trump said he had no deadline on agreement with Beijing, sparking a selloff in equities. The news came after Trump on Monday said his administration would impose tariffs on metal imports from Argentina and Brazil on Monday and likely would impose more on a range of French goods. "Markets have been jostled around with Trump's newfound affinity for trade tariffs," said Mazen Issa, senior FX strategist at TD Securities in New York. "In the last 24 hours, he has ignited tensions with Brazil, Argentina, France and China. Nonetheless, risk sentiment has absorbed the latest developments," he added. Analysts pointed out though that Trump's missives on trade came at a time when impeachment developments will come into more focus this week. Trump has been accused of improperly pressuring Ukraine to probe former vice president Joe Biden, a political rival in the 2020 presidential election. The Democratic-controlled House Intelligence Committee is scheduled to vote on its findings later on Tuesday. The matter will then go to the House Judiciary Committee, which will launch its proceedings on Wednesday. "It is perhaps not a coincidence that Trump may be trying to disrupt the news cycle," TD's Issa said. In mid-morning trading, the dollar fell 0.3% against the yen to 108.60 yen. Against the Swiss franc, the dollar also slid, down 0.4% at 0.98752 franc. The dollar index slipped 0.1% overall to 97.743 China's offshore yuan was a big casualty as well, with the with the dollar rising 0.4 percent to 7.0695 yuan, its highest since late October. Moves in currency markets though were broadly contained, with volatility remaining low and investors not appearing to take much fright. Of concern for the dollar's fortunes, however, was Monday's weak U.S. manufacturing report. The U.S. Institute for Supply Management said its index of national factory activity fell to a below-forecast 48.1 in November. Separate data showed construction spending declined in October. The readings surprised economists who had recently raised U.S. growth forecasts for the fourth quarter. ======================================================== Currency bid prices at 9:55 AM (1455 GMT) Description RIC Last U.S. Close Pct Change YTD Pct High Bid Low Bid Previous Change Session Euro/Dollar EUR= $1.1082 $1.1077 +0.05% -3.37% +1.1087 +1.1066 Dollar/Yen JPY= 108.6100 108.9800 -0.34% -1.48% +109.2000 +108.5600 Euro/Yen EURJPY= 120.39 120.72 -0.27% -4.62% +120.9600 +120.3200 Dollar/Swiss CHF= 0.9867 0.9911 -0.44% +0.54% +0.9926 +0.9867 Sterling/Dollar GBP= 1.2998 1.2936 +0.48% +1.89% +1.3009 +1.2931 Dollar/Canadian CAD= 1.3310 1.3308 +0.02% -2.40% +1.3321 +1.3283 Australian/Doll AUD= 0.6837 0.6817 +0.29% -3.01% +0.6862 +0.6815 ar Euro/Swiss EURCHF= 1.0937 1.0982 -0.41% -2.82% +1.0993 +1.0936 Euro/Sterling EURGBP= 0.8527 0.8559 -0.37% -5.09% +0.8565 +0.8513 NZ NZD= 0.6515 0.6501 +0.22% -3.01% +0.6533 +0.6494 Dollar/Dollar Dollar/Norway NOK= 9.1872 9.1638 +0.26% +6.35% +9.1915 +9.1361 Euro/Norway EURNOK= 10.1835 10.1529 +0.30% +2.80% +10.1863 +10.1238 Dollar/Sweden SEK= 9.5363 9.5405 +0.02% +6.39% +9.5517 +9.4938 Euro/Sweden EURSEK= 10.5707 10.5681 +0.02% +2.99% +10.5760 +10.5220 (Reporting by Gertrude Chavez-Dreyfuss; Additional reporting by Tommy Wilkes in London; Editing by Steve Orlofsky)

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