AGL 38.10 Decreased By ▼ -0.06 (-0.16%)
AIRLINK 136.75 Increased By ▲ 2.56 (1.91%)
BOP 9.22 Increased By ▲ 0.37 (4.18%)
CNERGY 4.75 Increased By ▲ 0.06 (1.28%)
DCL 8.83 Increased By ▲ 0.16 (1.85%)
DFML 38.44 Decreased By ▼ -1.34 (-3.37%)
DGKC 85.40 Increased By ▲ 0.25 (0.29%)
FCCL 35.35 Increased By ▲ 0.45 (1.29%)
FFBL 76.99 Increased By ▲ 1.39 (1.84%)
FFL 12.70 Decreased By ▼ -0.04 (-0.31%)
HUBC 108.79 Decreased By ▼ -0.66 (-0.6%)
HUMNL 14.74 Increased By ▲ 0.64 (4.54%)
KEL 5.55 Increased By ▲ 0.15 (2.78%)
KOSM 8.05 Increased By ▲ 0.30 (3.87%)
MLCF 40.70 Decreased By ▼ -0.67 (-1.62%)
NBP 71.40 Increased By ▲ 1.70 (2.44%)
OGDC 194.75 Increased By ▲ 1.13 (0.58%)
PAEL 27.00 Increased By ▲ 0.79 (3.01%)
PIBTL 7.48 Increased By ▲ 0.06 (0.81%)
PPL 167.95 Increased By ▲ 4.10 (2.5%)
PRL 26.25 Decreased By ▼ -0.11 (-0.42%)
PTC 20.40 Increased By ▲ 0.93 (4.78%)
SEARL 92.84 Increased By ▲ 8.44 (10%)
TELE 7.89 Decreased By ▼ -0.10 (-1.25%)
TOMCL 35.32 Increased By ▲ 1.27 (3.73%)
TPLP 8.98 Increased By ▲ 0.26 (2.98%)
TREET 17.34 Increased By ▲ 0.16 (0.93%)
TRG 59.50 Decreased By ▼ -1.50 (-2.46%)
UNITY 31.00 Increased By ▲ 2.04 (7.04%)
WTL 1.39 Increased By ▲ 0.02 (1.46%)
BR100 10,895 Increased By 118.9 (1.1%)
BR30 32,660 Increased By 426.2 (1.32%)
KSE100 101,357 Increased By 1274.6 (1.27%)
KSE30 31,488 Increased By 295 (0.95%)

The dollar steadied on Wednesday, recovering from an earlier dip as traders eyed US GDP data due later in the day that is expected to show the world's biggest economy grew at a healthy clip of 3.2 percent annually in the third quarter. Bitcoin was once again the most eye-catching mover, smashing past the $10,000 level for the first time to trade as high as $10,930 on the Bitstamp exchange after a more than elevenfold increase in value since the start of the year.
The dollar had earlier slipped, pulled down by broad strength in the British pound as well as worries over a possible US government shutdown after Democrats pulled out of a budget meeting with President Donald Trump. But it recovered to trade flat on the day by 1230 GMT, with the euro also giving up earlier gains to trade flat at $1.1832. Having earlier this year hit a 14-year high, the US currency is now on track for its worst annual performance in 14 years.
"The economy is ticking along nicely, and inflation is on the rise," said Yann Quelenn, strategist at online bank Swissquote. "(But) markets have recently punished the US dollar. This is rooted in the US Federal Reserve's caution in tightening." Jerome Powell, Trump's choice to lead Fed, made little mention of monetary policy in a controversy-free hearing on his nomination to take over the central bank on Tuesday.
"Powell didn't rock the boat in any major way...but there's enough debate going on in the FOMC (Federal Open Market Committee) in terms of what's behind low inflation to prompt a period of pause (in rate hikes) in the first half of next year," said MUFG macro strategist Derek Halpenny, in London. He added that Britain's pound, which jumped late on Tuesday on hopes that Britain would reach a divorce bill deal with the European Union and extended gains on Wednesday, was helping to drag down the dollar across the board.
Data on Tuesday showed U.S consumer confidence surged to a near 17-year high in November, driven by a robust labour market, giving the dollar a modest boost. The currency market appeared unaffected by a North Korean test launch of what appeared to be an intercontinental ballistic missile (ICBM) that landed close to Japan. It was North Korea's first test launch since mid-September. "The market appears to have gotten used to such events. How the United States responds, however, still bears watching," said Shin Kadota, senior strategist at Barclays in Tokyo.

Comments

Comments are closed.