AGL 38.20 Increased By ▲ 0.05 (0.13%)
AIRLINK 129.30 Increased By ▲ 4.23 (3.38%)
BOP 7.85 Increased By ▲ 1.00 (14.6%)
CNERGY 4.66 Increased By ▲ 0.21 (4.72%)
DCL 8.35 Increased By ▲ 0.44 (5.56%)
DFML 38.86 Increased By ▲ 1.52 (4.07%)
DGKC 82.20 Increased By ▲ 4.43 (5.7%)
FCCL 33.64 Increased By ▲ 3.06 (10.01%)
FFBL 75.75 Increased By ▲ 6.89 (10.01%)
FFL 12.83 Increased By ▲ 0.97 (8.18%)
HUBC 110.72 Increased By ▲ 6.22 (5.95%)
HUMNL 14.03 Increased By ▲ 0.54 (4%)
KEL 5.22 Increased By ▲ 0.57 (12.26%)
KOSM 7.69 Increased By ▲ 0.52 (7.25%)
MLCF 40.08 Increased By ▲ 3.64 (9.99%)
NBP 72.51 Increased By ▲ 6.59 (10%)
OGDC 189.18 Increased By ▲ 9.65 (5.38%)
PAEL 25.74 Increased By ▲ 1.31 (5.36%)
PIBTL 7.38 Increased By ▲ 0.23 (3.22%)
PPL 153.45 Increased By ▲ 9.75 (6.78%)
PRL 25.52 Increased By ▲ 1.20 (4.93%)
PTC 17.92 Increased By ▲ 1.52 (9.27%)
SEARL 82.50 Increased By ▲ 3.93 (5%)
TELE 7.63 Increased By ▲ 0.41 (5.68%)
TOMCL 32.50 Increased By ▲ 0.53 (1.66%)
TPLP 8.48 Increased By ▲ 0.35 (4.31%)
TREET 16.74 Increased By ▲ 0.61 (3.78%)
TRG 56.01 Increased By ▲ 1.35 (2.47%)
UNITY 28.85 Increased By ▲ 1.35 (4.91%)
WTL 1.34 Increased By ▲ 0.05 (3.88%)
BR100 10,659 Increased By 569.2 (5.64%)
BR30 31,331 Increased By 1822.5 (6.18%)
KSE100 99,269 Increased By 4695.1 (4.96%)
KSE30 31,032 Increased By 1587.6 (5.39%)

The dollar edged higher on Thursday after another politically-driven slide against the euro and yen the previous session, as investors shifted focus away from government tension in Washington to an upcoming globaal central bankers' gathering But the dollar's respite was expected to be temporary as investors awaited key speeches from Federal Reserve Chair Janet Yellen and European Central Bank President Mario Draghi at the Jackson Hole Economic Policy Summit in Wyoming. Still, no new policy messages are expected from either official.
"I am not expecting anything outside of what has been communicated," said Minh Trang, senior FX trader, at Silicon Valley Bank in Santa Clara, California. "But the main conversation has been and would still be on the inflationary pressures or the lack thereof in the US economy. This would be an ongoing dialog," he added.
The dollar has dropped 14 percent against the euro this year, driven by a collapse in expectations for tax cuts and other pro-growth moves by the administration of US President Donald Trump that has weakened the case for further rises in US rates.
Stronger-than-expected data on US initial jobless claims on Thursday helped the dollar stay positive on the day, but analysts were skeptical those gains could be sustained. Data showed initial claims rose to 234,000 for the week ended August 19. "Today's data will do little to shift the market's bearish view of the dollar," said Dennis de Jong, managing director at online FX broker UFX.com in Limassol, Cyprus. "Trump's 'government shutdown' claims have done nothing to help investors buy the greenback."
Trump threatened Tuesday to shut down the government if Congress fails to secure funding for his wall along the US border with Mexico. His threat rattled markets and drew rebukes from some Republicans. In late trading, the dollar rose 0.4 percent to 109.49 yen and 0.1 percent to 93.272 against a major currency basket. Some analysts suggested that Yellen could surprise the market and give a harder signal about a possible rate hike at its December policy meeting or on the reduction of the Fed's balance sheet, which is expected to start next month.
Any such remark from the Fed chair will likely boost the dollar, which on Thursday was flat versus the euro. The single euro zone currency was last at $1.1801. The ECB's Draghi, on the other hand, could talk down a recently surging euro, some analysts said, although Jane Foley, currency strategist at Rabobank, believes the euro's uptrend is far from over.

Comments

Comments are closed.