AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)

The euro rose off a six-month low on Thursday as the dollar faltered but concerns over an economic slowdown in Europe and political risks in Italy continued to act as a brake. The euro is set to be down for a sixth consecutive week against the dollar - the longest weekly losing streak since January 2015 - hobbled by the surging US currency and worries over a deepening economic slowdown in the currency bloc.
The single currency rose to $1.1746, off the low of $1.1676 hit on Wednesday, and was heading for its biggest daily gain in two weeks.
But that was largely because the recent dollar rally lost some momentum following dovish-looking minutes of the Federal Reserve's last policy meeting and the threat by US President Donald Trump to impose new tariffs on imported cars. "For now this is a dollar story; a pause in the greenback which is quite technical in fact. There is this widespread feeling that the dollar has stalled as profits are taken following a very decent run," said Ulrich Leuchtmann, head of FX strategy at Commerzbank.
The euro's gains were also capped by economic and political worries in Europe. The leader of the far-right League, a partner in Italy's planned coalition government, insisted on Thursday that eurosceptic economist Paolo Savona should be named economy minister.
The euro has unwound all of its rally against the Swiss franc since the Italian elections as the prospect of a spendthrift coalition government taking shape in Rome unnerves investors.
It fell to near three-month lows against the franc on Wednesday as fresh data indicated a slowdown in European business activity.
The euro currency was soft against the yen, hitting a nine-month low of 128.01 yen.
The European Central Bank's chief economist said on Thursday there are "clouds" on the horizon, including plans by Italy's would-be government to loosen fiscal policy and roll back a pension reform, and international trade tension.
"In the absence of eurozone economic data finding another gear this side of summer, the chances of a hawkish ECB-led rally in the single currency look pretty bleak," said ING FX analyst Viraj Patel, in a note.
The dollar's fall appeared to accelerate after the minutes of the Fed meeting.
While most policymakers thought it likely another US interest rate increase would be warranted - in line with market expectations - the minutes showed the Fed would tolerate inflation rising above its goal for a time.
Trump opened a front in the trade war on Wednesday by considering new tariffs, this time on cars, just days after Washington agreed with Beijing to put "on hold" its plan to impose tariffs on $150 billion worth Chinese goods.
Against the yen, the dollar shed 0.7 percent to 109.3 yen, a day after it experienced its biggest fall in nearly three months. The safe-haven Swiss franc also ticked up 0.2 percent to 0.9914 franc to the dollar. It hit a three-week high of 0.9894 per dollar on Wednesday.

Copyright Reuters, 2018

Comments

Comments are closed.