The optimism that is blowing through the markets this morning comes from the Chinese news. Shanghai is emerging from its restrictions and the unexpected drop in interest rates in China last week was seen as a signal that the authorities would support the recovery. The city of 25 million inhabitants plans to lift its lockdown and return to more normal life from June 1. As a result, the yuan had its best week since late 2020 last week and strengthened to 6.6844 per dollar on Monday.
The US Dollar appears, for now, to be losing its bullish momentum following a small rally in US bonds that has dragged yields lower in recent sessions. The US dollar index, which rose about 16% to its highest level in two decades in the 12 months to mid-May, lost about 2% in one week. above its support at 102.24.
The pound jumped nearly 2% last week on stronger than expected retail data as Bank of England governor Andrew Bailey is set to speak at the end of the day. The safe-haven Swiss franc also advanced, retaining the strong gains made last week when it rose from parity with the dollar to around 0.9716 per dollar. The alpine country is set to host the second day of the Davos World Economic Forum today.
Cable continued its way up Friday with slight gains as investors remain bullish about the US Dollar. GBPUSD opened at 1.2469 and close slightly under 1.2476.
GBPEUR made gains Friday amidst better than expected results in retail. The pair opened at 1.1790 and closed at 1.1821
EURUSD closed the week with losses small losses as markets remain expectative of an ECB interest rates rise with the pair opening at 1.0572 and closing at 1.0561.
This website uses cookies to ensure you get the best experience when browsing. We use our own and third party cookies on this site for various purposes such as giving you a more personalised experience and adapting advertising to your interests. You can manage or disable cookies by clicking on "Cookie Preferences". For more information about which cookies we use and how we use cookies, see our Cookie Policy.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorised as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyse and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies, but opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionality and security features of the website. These cookies do not store any personal information.
Cookie
Duration
Description
cookielawinfo-checkbox-advertisement
1 year
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Advertisement".
cookielawinfo-checkbox-analytics
1 year
This cookies is set by GDPR Cookie Consent WordPress Plugin. The cookie is used to remember the user consent for the cookies under the category "Analytics".
cookielawinfo-checkbox-necessary
1 year
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
1 year
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Others".
cookielawinfo-checkbox-performance
1 year
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collecting feedback, and other third-party features.
Cookie
Duration
Description
pll_language
1 year
This cookie is set by Polylang plugin for WordPress powered websites. The cookie stores the language code of the last browsed page.
Performance cookies are used to understand and analyse the key performance indexes of the website which helps in delivering a better user experience for visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Cookie
Duration
Description
CONSENT
16 years 5 months
These cookies are set via embedded youtube-videos. They register anonymous statistical data on for example how many times the video is displayed and what settings are used for playback.No sensitive data is collected unless you log in to your google account, in that case your choices are linked with your account, for example if you click “like” on a video.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customised ads.
Cookie
Duration
Description
IDE
1 year 24 days
Used by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
test_cookie
15 minutes
This cookie is set by doubleclick.net. The purpose of the cookie is to determine if the user's browser supports cookies.
VISITOR_INFO1_LIVE
5 months 27 days
This cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
YSC
session
This cookies is set by Youtube and is used to track the views of embedded videos.
yt-remote-connected-devices
never
These cookies are set via embedded youtube-videos.
yt-remote-device-id
never
These cookies are set via embedded youtube-videos.