Rand rockets to best level since mid-2019
News24
25 May 2021, 23:10 GMT+10
The rand was trading below R13.85 on Tuesday morning, as the dollar slumped to four-month lows.
US central bank authorities soothed fears about inflation, indicat
ing that interest rates may not be hiked soon.
In South Africa, the central bank still expects two hikes before year-end.
The rand strengthened to below R13.85/$ on Tuesday morning - its best level since mid-2019.
The local currency gained ground as the dollar slumped to four-months lows against a basket of currencies.
Comments by Federal Reserve officials soothed concerns about inflation in the US, and seemed to indicate that interest rates won t be hiked any time soon. Higher interest rates would make the dollar more appealing.
Gold edges to 4-month high amid inflation concerns & crypto crash
RT.com
25 May 2021, 20:12 GMT+10
The price of gold approached its highest level since January on Tuesday, close to erasing this year s decline as investors turn more bullish on the precious metal.
Spot gold was trading at $1,880.31 per ounce in London. Last week the prices reached their highest since January 8, climbing to $1,890.13.
The price growth comes as investors are weighing comments made by the US Federal Reserve about inflation.
Governor Lael Brainard, Atlanta Fed President Raphael Bostic and St. Louis James Bullard said they would not be surprised if supply shortages push prices up in the coming months as the world recovers from the pandemic and pent-up demand is unleashed. They added, however, that much of the price gain should prove temporary.
Market Strength, NABE Survey, Volume Drop, Crypto Mining, Trading MSFT and AAPL The NABE survey is what moved markets on Monday. Don t let some non-practitioner tell you differently.
May 25, 2021 | 08:01 AM EDT Never let the future disturb you. You will meet it, if you have to, with the same weapons of reason which today arm you against the present. Marcus Aurelius, stoic philosopher and last of the Five Good Emperors. Maybe, but you are probably better off handling the present with an eye on the future. You re old buddy, Sarge, late-night philosopher, and one of far too many semi-mediocre economists.
USD/CHF off multi-month lows, still in the red around 0.8960-55 ahead of US dataNEWS |
5/25/2021 12:46:31 PM GMT | By Haresh Menghani
A broad-based USD weakness prompted some fresh selling around USD/CHF on Tuesday.
Dovish Fed expectations, sliding US bone yields continued exerting pressure on the buck.
The upbeat market mood undermined the safe-haven CHF and helped limit the downside.
The USD/CHF pair maintained its offered tone through the mid-European session, albeit has managed to rebound around 30 pips from over three-month lows touched earlier this Tuesday. The pair was last seen trading near the 0.8960 region, still down nearly 0.15% for the day.
5/25/2021 6:48:02 AM GMT | By Haresh Menghani
Sustained USD selling exerted some pressure on USD/CAD for the second straight day.
Retreating US bond yields, the risk-on mood continued weighing on the safe-haven USD.
Bullish crude oil prices underpinned the loonie and contributed to the modest downtick.
The USD/CAD pair traded with a mild negative bias heading into the European session and was last seen hovering around the 1.2040-35 region.
The pair, so far, has struggled to register any meaningful recovery and remained well within the striking distance of the lowest level since May 2015 touched last week. The US dollar languished near multi-month lows. Apart from this, bullish crude oil prices underpinned the commodity-linked loonie and acted as a headwind for the USD/CAD pair.