Business
Dollar dips against commodity currencies but holds gains versus Yen
The US dollar fell against the currencies of major commodity exporters on Monday because of rising treasury yields as investors increased bets on countries that will benefit from rising prices for oil, metals, and other goods.
The dollar also fell against the British pound and euro.The Australian dollar rose 0.3% to $0.7702, while the New Zealand dollar gained 0.18% to reach $0.7177.
The dollar index stood at 92.073 against six major currencies.
As per analysts, the dollar has improved because of positive economic data and progress in passing a $1.9 trillion stimulus package.
On Saturday, the US Senate passed President Joe Biden's $1.9tn worthy ‘The American Rescue Plan Act of 2021’ to speed up the United States' recovery from the economic and health effects of the COVID-19 pandemic.
Foreign exchange strategist, Yukio Ishizuki said, "We are seeing a significant divergence in the dollar."
He further added that commodity prices simply aren't coming down, so there's no way the dollar can rise against Australian and New Zealand dollar. However, the dollar will remain strong against the yen because yields are the main driver.
Moreover, the U.S. currency fell 0.38% against the Norwegian crown to 8.5283 and eased slightly to 1.2637 Canadian dollars.
-
Pakistan 2 days ago
Imran Khan nominates Hamid Raza as chairman PAC
-
Pakistan 2 days ago
PM Shehbaz suggested reaching out to Imran Khan, India
-
Pakistan 1 day ago
PML-N office burning case: Sanam, Dr. Yasmin, others summoned for indictment
-
Pakistan 2 days ago
After President’s visit, Pakistan-Iran joint declaration issued
-
Pakistan 1 day ago
Petition to file case against Punjab CM for wearing Police uniform
-
Pakistan 2 days ago
Punjab govt approves ‘Apna Ghar’ project
-
Sports 2 days ago
Pak vs NZ: Muhammad Rizwan, Irfan Khan ruled out of T20I series
-
Pakistan 23 hours ago
Senior commanders meet families of martyred customs officials