AGL 40.21 Increased By ▲ 0.18 (0.45%)
AIRLINK 127.64 Decreased By ▼ -0.06 (-0.05%)
BOP 6.67 Increased By ▲ 0.06 (0.91%)
CNERGY 4.45 Decreased By ▼ -0.15 (-3.26%)
DCL 8.73 Decreased By ▼ -0.06 (-0.68%)
DFML 41.16 Decreased By ▼ -0.42 (-1.01%)
DGKC 86.11 Increased By ▲ 0.32 (0.37%)
FCCL 32.56 Increased By ▲ 0.07 (0.22%)
FFBL 64.38 Increased By ▲ 0.35 (0.55%)
FFL 11.61 Increased By ▲ 1.06 (10.05%)
HUBC 112.46 Increased By ▲ 1.69 (1.53%)
HUMNL 14.81 Decreased By ▼ -0.26 (-1.73%)
KEL 5.04 Increased By ▲ 0.16 (3.28%)
KOSM 7.36 Decreased By ▼ -0.09 (-1.21%)
MLCF 40.33 Decreased By ▼ -0.19 (-0.47%)
NBP 61.08 Increased By ▲ 0.03 (0.05%)
OGDC 194.18 Decreased By ▼ -0.69 (-0.35%)
PAEL 26.91 Decreased By ▼ -0.60 (-2.18%)
PIBTL 7.28 Decreased By ▼ -0.53 (-6.79%)
PPL 152.68 Increased By ▲ 0.15 (0.1%)
PRL 26.22 Decreased By ▼ -0.36 (-1.35%)
PTC 16.14 Decreased By ▼ -0.12 (-0.74%)
SEARL 85.70 Increased By ▲ 1.56 (1.85%)
TELE 7.67 Decreased By ▼ -0.29 (-3.64%)
TOMCL 36.47 Decreased By ▼ -0.13 (-0.36%)
TPLP 8.79 Increased By ▲ 0.13 (1.5%)
TREET 16.84 Decreased By ▼ -0.82 (-4.64%)
TRG 62.74 Increased By ▲ 4.12 (7.03%)
UNITY 28.20 Increased By ▲ 1.34 (4.99%)
WTL 1.34 Decreased By ▼ -0.04 (-2.9%)
BR100 10,086 Increased By 85.5 (0.85%)
BR30 31,170 Increased By 168.1 (0.54%)
KSE100 94,764 Increased By 571.8 (0.61%)
KSE30 29,410 Increased By 209 (0.72%)

NEW YORK: The dollar retreated across the board on Tuesday, ceding some of the ground gained in the previous session, as investors looked past worries about China’s COVID flare-ups, boosting demand for more risky currencies.

Equities, commodities and riskier currencies were largely firmer on Tuesday, a day after fresh COVID-19 curbs in China fuelled worries over the global economic outlook.

The euro rose 0.2% against the dollar to $1.0261, on pace to snap a three-session streak of losses.

“The tentative recovery in risk appetite has been enough to stall the dollar’s several day rebound,” said Joe Manimbo, senior market analyst at Convera in Washington.

“Fed minutes loom tomorrow but for the most part range trading is dominating ahead of the US holiday,” Manimbo said, referring to the Thanksgiving holiday on Thursday.

The dollar has rallied against every major currency this year, boosted by the Federal Reserve’s supersized interest rate hikes as it battles inflation, but recent cooler-than-expected US consumer price data has spurred investors’ hopes that the Fed may be in a position to moderate its pace of hikes.

Investors will be parsing minutes from the Fed’s November meeting, due on Wednesday, for any hints about the outlook for interest rates.

The Federal Reserve can downshift to smaller interest rate hike increments from next month as it fine-tunes its policy to help bring down inflation while keeping the economy humming, Cleveland Fed President Loretta Mester said on Monday.

“The Fed’s hawkish outlook is keeping a floor under the dollar but expectations of a slower pace of tightening is capping rallies,” Convera’s Manimbo said.

Tuesday’s revival in risk appetite helped lift the Australian dollar 0.4%, while the New Zealand dollar rose 0.7% as traders braced for New Zealand’s central bank to deliver its biggest ever rate hike this week as it continues efforts to temper inflation.

Sterling was 0.5% higher at $1.1877 after data showed Britain’s government borrowed less than expected in October, although the budget deficit is likely to balloon in the months ahead thanks to energy bill support measures and a slowing economy.

In cryptocurrencies, bitcoin was 2.2% higher at $16,107, a day after falling to a new two-year low of $15,479 amid jitters about the health of crypto broker Genesis.

Genesis said on Monday it has no plans to file for bankruptcy imminently, though Bloomberg News reported, citing sources, that the broker was struggling to raise fresh cash for its lending unit, and warning investors it may need to file for bankruptcy if it does not find funding.

The lending unit suspended redemptions last week, citing fallout from the collapse of FTX, which filed for bankruptcy on Nov 11.

Comments

Comments are closed.