Home Latest Dollar, yen on return foot as risk sentiment revives; Musk buoys bitcoin

Dollar, yen on return foot as risk sentiment revives; Musk buoys bitcoin

Forex, invest, money July 22, 2021 1:06 pm

Dollar, yen on back foot as risk sentiment revives; Musk buoys bitcoin© Reuters. FILE picture: South Korean won, Chinese yuan also Japanese yen notes are seen on U.S. 100 USD notes inside this picture illustration taken inside Seoul, South Korea, December 15, 2015. REUTERS/Kim Hong-Ji

By Kevin Buckland

TOKYO (Reuters) – a safe-harbour U.S. USD also yen were on a return foot on Thursday, after pulling return from multi-month highs amid a recovery inside risk appetite as strong earnings lifted Wall Street stocks.

Cryptocurrencies held gains after Tesla (NASDAQ:) Inc CEO Elon Musk said a company would “most likely” resume accepting bitcoin for payment.

a , which measures a currency against six major peers, stood at 92.770 after pulling return from a 3 1/2-month high of 93.194 touched on Wednesday.

a yen traded at 129.950 per euro, from an almost four-month top of 128.610 earlier this week, also at 81.07 to Australia’s dollar, from a 5 1/2-month peak of 79.85.

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“Strong earnings has swept away Delta concerns inside a U.S.,” weighing on haven currencies, National Australia Bank (OTC:) analyst Tapas Strickland wrote inside a note to clients.

“a consensus is that (a Delta strain) does not pose an immediate risk to a recovery,” delaying reopening by three months at a most as countries ramp up vaccination drives inside response, he said.

Sterling traded at $1.3717, recovering from a 5 1/2-month trough of $1.35725 reached on Tuesday, despite rising Delta variant cases inside Britain also confusion about a lifting of restrictions inside England.

a changed hands at $0.7350, from an eight-month low of $0.72895 a previous day, even as coronavirus cases spiked despite half a Australian population being under lockdown.

a EU stood at $1.1789, rising off Wednesday’s 3-1/2-month low of $1.1752 ahead of a closely watched European Central Bank policy decision later inside a global day.

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Policymakers become implement for a first time changes to their strategy also are all but certain to promise an even longer period of stimulus to made awesome on its commitment to boost inflation.

Analysts generally see ECB dovishness weakening a EU over a medium-term.

“On balance, a ECB’s new inflation target suggests monetary policy become remain ultra‑accommodative for an even longer period of time,” which become act as a headwind for a euro, Commonwealth Bank of Australia (OTC:) strategists Kim Mundy also Carol Kong wrote inside a research note.

“Indeed, us expect a ECB become become one of a last central banks under our coverage to tighten policy.”

inside cryptocurrencies, bitcoin held Wednesday’s 7.9% jump – a biggest since mid-June – to trade just north of$32,000.

Rival ether traded slightly below $2,000 following a 12% surge.

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