AGL 40.10 Decreased By ▼ -0.90 (-2.2%)
AIRLINK 127.80 Decreased By ▼ -0.34 (-0.27%)
BOP 6.60 Decreased By ▼ -0.10 (-1.49%)
CNERGY 4.60 Increased By ▲ 0.08 (1.77%)
DCL 8.58 Decreased By ▼ -0.03 (-0.35%)
DFML 41.40 Increased By ▲ 0.31 (0.75%)
DGKC 86.50 Decreased By ▼ -0.63 (-0.72%)
FCCL 32.13 Decreased By ▼ -1.26 (-3.77%)
FFBL 65.40 Decreased By ▼ -0.01 (-0.02%)
FFL 10.27 Decreased By ▼ -0.20 (-1.91%)
HUBC 110.60 Decreased By ▼ -0.03 (-0.03%)
HUMNL 14.70 Decreased By ▼ -0.60 (-3.92%)
KEL 5.15 Increased By ▲ 0.17 (3.41%)
KOSM 7.15 Decreased By ▼ -0.28 (-3.77%)
MLCF 41.69 Decreased By ▼ -1.30 (-3.02%)
NBP 60.20 Decreased By ▼ -0.22 (-0.36%)
OGDC 194.48 Decreased By ▼ -3.16 (-1.6%)
PAEL 27.95 Decreased By ▼ -1.06 (-3.65%)
PIBTL 7.98 Decreased By ▼ -0.28 (-3.39%)
PPL 150.52 Decreased By ▼ -3.64 (-2.36%)
PRL 27.08 Increased By ▲ 2.08 (8.32%)
PTC 16.08 Decreased By ▼ -0.01 (-0.06%)
SEARL 78.20 Decreased By ▼ -0.25 (-0.32%)
TELE 7.42 Increased By ▲ 0.05 (0.68%)
TOMCL 35.70 Decreased By ▼ -0.39 (-1.08%)
TPLP 7.90 Decreased By ▼ -0.17 (-2.11%)
TREET 15.87 Decreased By ▼ -0.09 (-0.56%)
TRG 52.70 Decreased By ▼ -0.66 (-1.24%)
UNITY 26.65 Decreased By ▼ -0.06 (-0.22%)
WTL 1.28 Increased By ▲ 0.01 (0.79%)
BR100 9,920 Decreased By -52.1 (-0.52%)
BR30 30,751 Decreased By -346.3 (-1.11%)
KSE100 93,225 Decreased By -423.8 (-0.45%)
KSE30 28,885 Decreased By -132.9 (-0.46%)

The dollar fell against major rivals on Friday as investors took advantage of a pullback in US bond yields and a holiday-shortened week to consolidate gains that have propelled the currency to a nearly 14-year peak. Expectations of rises in US inflation and interest rates have driven the greenback to a more than 6 percent gain in the past two months, its strongest showing over a similar period since early 2015.
Most currency players expect the gains to continue. But the combination of the US Thanksgiving holiday, the processing of corporate flows before the month-end and perceived risks looming for markets in the first half of December led some to cash in gains now. "With investors largely pricing in a higher risk of US inflation over the coming years and likely a faster pace of Fed monetary policy normalization, the dollar's outlook remains bright," said Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington.
US 10-year Treasury yields pulled back from Thursday's 16-month high to trade at 2.36 percent, while two-year yields slipped from a more than six-year high hit earlier in the session. US two-year yields are currently at 1.142 percent. In mid-morning trading, the dollar index fell 0.3 percent to 101.40 after hitting an almost 14-month peak the previous session. The index was on track for its largest one-day fall since November 1.
After hitting an 8-month high of 113.90 yen earlier, the dollar was down 0.3 percent against the yen at 112.98 yen, still on track for a more than 2 percent gain on the week. The euro rose 0.5 percent to $1.0605 after dropping to $1.0518 on Thursday, its lowest since March 2015.
"The euro's indulging in a bit of short-covering, and I suppose it can benefit from quiet, thin markets," said Societe Generale strategist Kit Juckes. The Turkish lira, for example, slumped to a record low even after the country's central bank raised interest rates for the first time in nearly three years on Thursday.

Copyright Reuters, 2016

Comments

Comments are closed.