AGL 37.89 Decreased By ▼ -0.26 (-0.68%)
AIRLINK 124.10 Increased By ▲ 2.59 (2.13%)
BOP 5.67 Decreased By ▼ -0.18 (-3.08%)
CNERGY 3.75 No Change ▼ 0.00 (0%)
DCL 8.55 Increased By ▲ 0.15 (1.79%)
DFML 40.48 Decreased By ▼ -0.41 (-1%)
DGKC 87.10 Increased By ▲ 2.50 (2.96%)
FCCL 33.98 Increased By ▲ 1.28 (3.91%)
FFBL 66.01 Increased By ▲ 0.51 (0.78%)
FFL 10.20 Increased By ▲ 0.15 (1.49%)
HUBC 104.45 Increased By ▲ 0.65 (0.63%)
HUMNL 13.45 Increased By ▲ 0.20 (1.51%)
KEL 4.78 Increased By ▲ 0.35 (7.9%)
KOSM 6.84 Decreased By ▼ -0.25 (-3.53%)
MLCF 38.84 Increased By ▲ 1.34 (3.57%)
NBP 60.35 Increased By ▲ 0.10 (0.17%)
OGDC 179.65 Increased By ▲ 7.40 (4.3%)
PAEL 24.97 Increased By ▲ 0.17 (0.69%)
PIBTL 5.71 Increased By ▲ 0.01 (0.18%)
PPL 153.00 Increased By ▲ 11.31 (7.98%)
PRL 22.79 Increased By ▲ 0.07 (0.31%)
PTC 14.91 Increased By ▲ 0.17 (1.15%)
SEARL 66.85 Increased By ▲ 2.29 (3.55%)
TELE 7.01 Decreased By ▼ -0.13 (-1.82%)
TOMCL 35.70 Increased By ▲ 0.20 (0.56%)
TPLP 7.32 Increased By ▲ 0.03 (0.41%)
TREET 13.99 Decreased By ▼ -0.21 (-1.48%)
TRG 50.95 Decreased By ▼ -0.80 (-1.55%)
UNITY 26.40 Decreased By ▼ -0.20 (-0.75%)
WTL 1.23 Increased By ▲ 0.01 (0.82%)
BR100 9,717 Increased By 233.5 (2.46%)
BR30 29,237 Increased By 866.2 (3.05%)
KSE100 90,860 Increased By 1893.1 (2.13%)
KSE30 28,458 Increased By 630.4 (2.27%)

The US dollar fell against a basket of major currencies on Monday on the view that the Federal Reserve would not be able to hike interest rates as quickly as forecast this year given weak US economic data and continued easing from the Bank of Japan. The dollar dipped against the yen, hitting a session low of 120.670 yen after shooting 2 percent higher against the Japanese currency on Friday to a six-week high of 121.700 after the BoJ's surprise shift to negative interest rates.
The euro rose against the dollar to a session high of $1.09130 from Friday's low of $1.08100. Analysts said that the yen partly recovered against the dollar since the reaction from the BoJ's move had ended, while the euro and yen also gained on expectations for a more dovish path of Fed rate hikes.
"The market has come to the realisation that the Fed will not be as aggressive in 2016 as it indicated at the end of last year, and that in itself is making people question their long dollar positions," said Douglas Borthwick, managing director at Chapdelaine Foreign Exchange in New York.
Analysts said that the BoJ's move on Friday was another event that could forestall the Fed from hiking rates as quickly as they initially forecast. Policymakers at the US central bank indicated in December that they expected to hike rates four times this year.
The US dollar index, which measures the greenback against a basket of six major currencies, was last down 0.5 percent at 99.104. The dollar was last down 0.62 percent against the Swiss franc at 1.01700 francs. The euro was last up 0.63 percent against the dollar at $1.08990, while the dollar was last down 0.17 percent against the yen at 120.940 yen.

Copyright Reuters, 2016

Comments

Comments are closed.