Commodity News
HeadLine : Dollar falls against commodity currencies but holds gains versus yen
Date : Mar 8 2021
The dollar also fell slightly against the British pound and the euro, but held at multi-month highs against the yen and the Swiss franc because of rising Treasury yields. Analysts said that sentiment for the dollar has improved because of positive economic data and progress in passing a $1.9 trillion stimulus package, but that the greenback would continue to struggle against commodity currencies amid strong expectations for a rebound in global trade. Some traders said a jump in Brent crude futures above $70 a barrel for the first time in more than a year triggered a flurry of bids for commodity currencies at the start of Asian trading. The dollar index against a basket of six major currencies stood at 91.895, not far from a three-month high reached on Friday after data showed the U.S. economy created more than twice as many jobs as expected in February. cut their net short dollar positions in the latest week to $27.80 billion, which is the smallest short position since Dec. 15 and suggests that dollar bears are giving up on betting against the greenback.

Source : Investing

News Archives: