Chinese Yuan was Flat Against Dollar. What about the Yen?
The offshore Chinese yuan was flat at 6.5716 against the dollar, on Friday. However, the Chinese yuan skyrocketed to a 2 1/2-year high of 6.5318 last Wednesday.
The Japanese yen traded at 103.80 per dollar after gaining 0.8% last week. Meanwhile, the Australian dollar changed insignificantly at $0.7284, after losing most of its previous week’s gains.
In Europe, the British pound declined after the Times’ report. It stated that European leaders might prompt the European Commission to publish a no-deal Brexit plan.
The Sterling stood at $1.3258 on Friday. It traded at 0.8955 pounds per Euro. The currency lost its gains from the previous sessions.
On the other hand, the Euro exchanged hands at $1.1874. The currency was flat on Friday, but it remained near last week’s high of $1.18935, which it touched on Tuesday. Overall, it surged forward by 0.3% during last week.
Meanwhile, the Turkish lira stayed firm after soaring by 2.3% on Thursday. The Turkish central bank’s decision to deliver a big rate hike and pledge to remain tough on inflation boosted the currency.
How did the U.S. dollar fare?
The dollar index tumbled down by 0.3% during last week after rallying initially. However, it traded at 92.306 on Friday, climbing higher after Thursday’s low of 92.236.
The U.S. currency declined versus risk-on rivals due to coronavirus vaccine breakthroughs over the last week. Despite that, it managed to stop its downfall during Friday’s session.
U.S. Treasury Secretary Steven Mnuchin’s announcement has partially boosted the greenback. Mnuchin stated that he planned to end some of the Fed’s pandemic lending. His statement surprised investors as they expected more central bank support.
Some traders were concerned about ending aiding programs. Meanwhile, the Federal Reserve declared that the emergency facilities established after the Covid-19 outbreaks should continue to serve their role as a backstop.
The coronavirus cases continue to rise at record levels. Therefore, California issued a strict curfew on outdoor activities to hinder an alarming rise in infection cases.
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