• News
  • Sport
  • TV
  • Radio
  • Education
  • TV Licences
  • Contact Us
No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION
Home Business

Euro and sterling helped by improved market sentiment

18 May 2022, 4:09 AM  |
Reuters Reuters |  @SABCNews
The European common currency touched $1.0563 in early Asia trade, after rising 1.1% overnight, its largest day of percentage gains since March.

The European common currency touched $1.0563 in early Asia trade, after rising 1.1% overnight, its largest day of percentage gains since March.

Image: Reuters

The European common currency touched $1.0563 in early Asia trade, after rising 1.1% overnight, its largest day of percentage gains since March.

Overnight surges left the euro and pound sitting pretty in early Asia helped by good UK jobs data and a general improvement in investor sentiment on solid US retail sales and hopes of easing lockdowns in China.

The European common currency touched $1.0563 in early Asia trade, after rising 1.1% overnight, its largest day of percentage gains since March.

Sterling touched $1.2501 after a 1.4% overnight rally, its best day since late 2020, also helped by data that showed Britain’s jobless rate hit a 48-year low.

These gains pushed the dollar index, which measures the greenback against six peers, as low as 103.18 in early Asia,its lowest in nearly two weeks.

“The pound got a boost from the very strong jobs report yesterday, and on top of that there has been a slight improvement in the broader risk sentiment in financial markets driven by some positive news out of China on the lockdowns and strong data out of the US,” said Carol Kong, currency strategist at Commonwealth Bank of Australia.

Shanghai on Tuesday achieved its long-awaited milestone of three consecutive days with no new COVID-19 cases outside quarantine zones having set out its clearest timetable yet for exiting a lockdown the day before.

US retail sales rose strongly in April as consumers bought more motor vehicles amid an improvement in supply and increased spending at restaurants.

Also reflecting the improved risk sentiment, equities jumped overnight and US benchmark Treasury yields gained, and were last at 2.9878%.

Overnight, Federal Reserve Chairman Jerome Powell said at a Wall Street Journal event on Tuesday, the Fed will “keep pushing” to tighten US monetary policy until it is clear inflation is slowing.

While the dollar briefly pared its loses after Powell’s remarks, it then resumed its decline.

The higher yields helped put an end to the yen’s small recent recovery, as the Japanese currency is very sensitive to higher rates in the United States.

The yen was last at 129.28 per dollar, little changed on the day.

The Australian dollar was on the front foot, helped by the improved risk sentiment and was trading at $0.7035, extending a 0.8% gain on Tuesday.

The Aussie was also helped by minutes from a central bank meeting published on Tuesday which hinted that the Reserve Bank of Australia will hike interest rates again in June.

Cryptocurrency markets were fairly quiet. Bitcoin was barely changed at around $30,400.

 

Share article
Previous Post

US considering move to block Russian debt payments – Treasury

Next Post

Nigeria asks Facebook, other platforms to curtail hate speech

Related Posts

FILE PHOTO: The company's logo is seen at a Nestle plant in Konolfingen, Switzerland September 28, 2020. REUTERS/Arnd Wiegmann

Nestle to hike food prices further in 2023, CEO says

4 February 2023, 2:51 PM
Aerial view of Komati Power Station

‘Declaring energy crisis a national state of disaster urgent’

4 February 2023, 6:16 AM
The dollar was last up 0.55% on the day against a basket of currencies at 102.35.

Dollar jumps as employers add more jobs than expected in January

3 February 2023, 6:14 PM
People work at ''The Faktory", a fashion design and clothing manufacturing company in Johannesburg, South Africa.

Business activity shrinks solidly in January

3 February 2023, 2:50 PM
A child walking while holding a candle during the rolling blackouts.

Eskom reduces rolling blackouts to stage four

3 February 2023, 6:30 AM
Electricity pylons  in South Africa.

Eskom anticipates lower stages of load shedding by the weekend

2 February 2023, 6:39 PM
Next Post
Government officials  say Facebook has done nothing to curtail the activities of separatist group Indigenous People of Biafra (IPOB) on their platform despite several complaints.

Nigeria asks Facebook, other platforms to curtail hate speech

Most Viewed

  • 24hrs
  • Week
  • Month
  • Registration at Unisa closes on Friday, but management says no need to panic
  • King of Bacardi music ‘Vusi Ma R5’ killed in Soshanguve
  • Committee wants to halt planned demolition of North West hospital
  • Shock over proposed SA sponsorship of Tottenham Hotspur
  • Malema threatens nationwide shutdown over power crisis, demands Ramaphosa resign
  • Parts of the Northern Cape to be exempted from rolling blackouts
  • Registration at Unisa closes on Friday, but management says no need to panic
  • VIDEO | St Benedict College’s Matric learner gets 11 distinctions
  • Limpopo matriculant from child-headed household attains diploma pass
  • Female circumcision practice thriving in Eastern Cape
  • VIDEO: Mabuza resigns as SA Deputy President
  • Three SA Tourism board members resign
  • Communities in Free State continue to struggle to obtain basic services amid power cuts
  • EFF vows to disrupt SONA
  • Qualified leaders needed for EFF to grow, says Malema

LATEST

Premier Sisi Ntombela lost the Free State ANC leadership contest to Cooperative Governance MEC, Mxolisi Dukwana.
  • Politics

Free State Premier says she’s yet to be informed of PEC outcomes


People attend the ecumenical prayer led by Pope Francis at John Garang Mausoleum during his apostolic journey, in Juba, South Sudan, February 4, 2023. REUTERS/Jok Solomun
  • Africa

Protect, advance women for a better South Sudan, pope says


Deputy President David Mabuza
  • Politics

UPDATE | David Mabuza’s resignation widely anticipated: Analysts


Rescuers use a crane to remove debris of a multistorey residential building damaged in recent shelling in the course of Russia-Ukraine conflict in Donetsk, Russian-controlled Ukraine, February 4, 2023. REUTERS/Pavel Klimov
  • World

Ukraine’s Zelenskiy says situation at the front getting tougher


A picture of bullets, a gun and police tape.
  • South Africa

Criminal syndicate within ANC benefited from defunct VBS Bank: Mapaila


Mamelodi Sundowns registered 1-0 win over Orlando Pirates at the Orlando Stadium on Saturday afternoon.
  • Sport
  • Soccer

Sundowns’ DSTV Premiership dominance continues


Weather

  • About the SABC
  • Contact Us
  • Jobs
  • Advertise
  • Disclaimer
  • Site Map

SABC © 2023

No Result
View All Result
  • SOUTH AFRICA
  • POLITICS
  • BUSINESS
  • SPORT
  • AFRICA
  • WORLD
  • SCI-TECH
  • LIFESTYLE
  • FEATURES
  • OPINION

© 2022

Previous US considering move to block Russian debt payments – Treasury
Next Nigeria asks Facebook, other platforms to curtail hate speech