Fri, December 09, 2022

FX Market: Dollar Further Slumps as Market Spots Cut

FX Market- Dollar Further Slumps as Market Spots Cut - Wibest Broker

On Tuesday in the FX market, the dollar carries on its drop in the early trading in Europe. On the other hand, the yen and euro continue to strengthen due to traders’ anticipation of the interest rate cut premium on dollar assets.

Aside from that, the dollar declined to a 14-month low of 106.79 against the yen, overnight. Then, it hardly bounced to trade at 106.97. Also, the dollar index fell in its three-month low of 95.468 before recovering to 95.488.

Meanwhile, in the other parts of the FX market, the euro surged to its three-month high of $1.1413 before firming under $1.1400. The boost was partly because of a weaker-than-expected Insee business survey in France. After that, a day following a similarly depressing reading from the Ifo research institute on German business sentiment.

And for today, a warning is all over the place after Iran answered to the U.S. sanctions on its supreme leader Ayatollah Khamenei, stating the diplomatic channel for communications closed permanently. But on Monday, the widely symbolic sanctions declared are not sufficient enough to spark any significant inflows into safe assets.

The essential G20 summit is around the corner, and there is a slight enticement for traders to switch into new positions. Also, U.S. President Donald Trump and Chinese President Xi Jinping might meet during the summit.  The chief trade negotiators of the two sides gave no latest details but evaded a public breakdown of communication.

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The Comeback of Zimbabwe Dollar

On the other side of the FX market, Zimbabwe took back its currency, the Zimbabwe dollar, after hyperinflation smashed its usefulness for more than a decade.

On the other hand, currencies like the U.S. dollar and the South African rand will no longer be legal tender. And the central bank stated that it would be effective immediately.

Then, a local quasi launched in 2016 called bond notes. However, it can’t trade outside the country. And its electronic equivalent, the RTGS dollar, is now the Zimbabwe dollar.

The Federal Reserve

On Tuesday, the FX market’s attention will pour on Federal Reserve President Chairman Jerome Powell, who is due to give a speech. Then, President Trump gave Powell a fresh criticism on Monday.

Meanwhile, the British pound is still recovering from the report about the Conservative Party lawmakers cooking plans to stop Boris Johnson from taking the U.K. out of the European Union without a deal on October 31. And this will happen if Johnson wins the ongoing party leadership contest.

Elsewhere, the Turkish lira strived to develop its excellent gains of Monday. The currency slightly altered at 5.8197 to the dollar.


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