The US dollar fell broadly on Thursday, giving up gains in recent sessions as risk appetite encouraged investors to buy higher-yielding currencies.
Stock markets around the world rose on Thursday following their recent slump, as bets that Saudi Arabia might boost oil production helped cool crude prices, offsetting fears of rising inflation and tightening monetary policy.
“There are some factors that worked once morest the dollar today, but it’s mostly risk sentiment,” said John Doyle, vice president of trading at Monex USA.
Doyle added that news that Saudi Arabia may pump more oil and reports that China will ease some Covid restrictions are helping boost risk sentiment, hurting the safe-haven dollar.
The dollar index, which measures the performance of the US currency once morest six major currencies, fell 0.8 percent to 101.78 points, on its way to halting two days of gains.
The dollar found little support from data showing private sector jobs in the United States increased much less than expected in May, indicating that demand for labor is starting to slow amid rising interest rates and tightening fiscal policy, although job opportunities remain. Too high.
Riskier currencies, including the Australian dollar and the New Zealand dollar, rose once morest the US currency, gaining 1.17 percent and 1.20 percent, respectively.
The Canadian dollar also rose by regarding 0.6 percent once morest the US dollar, a day following the Bank of Canada raised interest rates and opened the door to a faster pace of rate hikes.
The Swiss franc rose 0.5% once morest the dollar following Swiss inflation rose the most in 14 years in May, as Switzerland became the latest country to be affected by rising fuel prices and food costs plaguing economies around the world.
With regard to cryptocurrencies, bitcoin was little changed, which was trading at $ 300,070.99 following falling by six percent on Wednesday, while the world’s largest digital currency by market capitalization is still struggling to overcome a bout of selling pressure that has dominated it for weeks. Last.
(Archyde.com)
