{"id":114380,"date":"2021-02-25T16:42:19","date_gmt":"2021-02-25T16:42:19","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114380"},"modified":"2021-02-25T16:42:19","modified_gmt":"2021-02-25T16:42:19","slug":"dollar-dips-aussie-jumps-on-global-growth-optimism","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/dollar-dips-aussie-jumps-on-global-growth-optimism\/","title":{"rendered":"Dollar dips, Aussie jumps on global growth optimism"},"content":{"rendered":"

NEW YORK (Reuters) – The dollar index fell to a seven-week low on Thursday, the Australian dollar hit a three-year high and safe havens weakened as global growth optimism sent government debt yields surging worldwide.<\/p>

FILE PHOTO: U.S. one hundred dollar notes are seen in this picture illustration taken in Seoul February 7, 2011. REUTERS\/Lee Jae-Won <\/figcaption>

Easy financial conditions, the promise of fiscal stimulus and accelerating COVID-19 vaccine rollouts have boosted expectations that growth and inflation will accelerate.<\/p>\n

More recently, bond yields after adjusting for inflation have also risen at a faster pace, indicating a growing belief that central banks may begin to pare back their ultra-loose policies, even as central bank officials have maintained their dovish rhetoric.<\/p>\n

\u201cIt has been a global move, I think that\u2019s one part of why the dollar wasn\u2019t rallying even with higher yields,\u201d said Vassili Serebriakov, an FX strategist at UBS in New York. \u201cThose higher bond yields are a symptom of expectations of a strong economic rebound after the pandemic.\u201d<\/p>\n

The dollar dipped 0.26% against a basket of currencies to 89.797, its lowest since Jan. 8.<\/p>\n

Data on Thursday showed that fewer Americans filed new claims for unemployment benefits last week amid falling COVID-19 infections.<\/p>\n

Federal Reserve Chair Jerome Powell reiterated on Wednesday that the U.S. central bank would not tighten its policy until the economy improves.<\/p>\n

Commodity-linked currencies, including the Australian, New Zealand and Canadian dollars, all hit three-year highs as their bond yields surged.<\/p>\n

\u201cThe U.S. has actually lagged a lot of these other countries in terms of the yield moves,\u201d said Erik Nelson, a macro strategist at Wells Fargo in New York, noting that New Zealand\u2019s 10-year Treasury yield gained 18 basis points on Thursday.<\/p>\n

That is \u201cpretty stunning,\u201d he said. \u201cThe commodity space has obviously been very hot recently.\u201d<\/p>\n

The Aussie got as high as $0.80007 against the greenback while the kiwi reached $0.7463.<\/p>\n

The Canadian dollar got as far as 1.2468 loonies per U.S. dollar.<\/p>\n

The euro also gained to a three-week high, despite its bond yield increases lagging other countries. It was last up 0.44% at $1.2224.<\/p>\n

The safe-haven Japanese yen, which tends to underperform when global growth improves, weakened as far as 106.20 yen per dollar.<\/p>\n

\u201cSome of the currencies that typically don\u2019t do well in a global rebound are lagging,\u201d Serebriakov said. \u201cThere is some differentiation (in dollar weakness), it\u2019s not just across the board the way it was last year when everything was driven by U.S. real yields falling and selling dollars across the board.\u201d<\/p>\n

Bitcoin was last up 2.67% on the day at $51,080, having recovered some of its losses from the start of the week.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

NEW YORK (Reuters) – The dollar index<\/p>\n","protected":false},"author":3,"featured_media":114379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"\nDollar dips, Aussie jumps on global growth optimism - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/markets\/dollar-dips-aussie-jumps-on-global-growth-optimism\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Dollar dips, Aussie jumps on global growth optimism - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"NEW YORK (Reuters) – The dollar index\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/markets\/dollar-dips-aussie-jumps-on-global-growth-optimism\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-25T16:42:19+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor27.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/markets\/dollar-dips-aussie-jumps-on-global-growth-optimism\/\",\"url\":\"https:\/\/precoinnews.com\/markets\/dollar-dips-aussie-jumps-on-global-growth-optimism\/\",\"name\":\"Dollar dips, Aussie jumps on global growth optimism - 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