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Earnings lifts European shares, German DAX outperforms
Published at 26/01/2021 at 17:28 -
London stocks climb as AstraZeneca, Indivior jumps
Published at 26/01/2021 at 17:14 -
London stocks gain as AstraZeneca, Indivior jump
Published at 26/01/2021 at 08:31 -
European stocks inch higher as UBS profit surges
Published at 26/01/2021 at 08:18 -
UK Stocks-Factors to watch on Jan 26
Published at 26/01/2021 at 07:53 -
UK Stocks-Factors to watch on Jan 26
Published at 26/01/2021 at 06:35 -
Weak German business morale, vaccine delays push European stocks to 2-week low
Published at 25/01/2021 at 17:31 -
London's FTSE 100 drops to near three-week low as virus risks weigh
Published at 25/01/2021 at 17:00 -
London stocks gain on M&A activity, virus risks weigh
Published at 25/01/2021 at 08:20 -
Tech shares, corporate earnings lift European stocks
Published at 25/01/2021 at 08:18
Forex News
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FOREX-Dollar on the defensive with Fed's Powell likely to sound dovish note
Published at 27/01/2021 at 00:36 -
FOREX-Dollar retreats as riskier currencies recover
Published at 26/01/2021 at 21:13 -
FOREX-Dollar retreats as riskier currencies rebound
Published at 26/01/2021 at 15:30 -
FOREX-Dollar holds at one-week highs as yuan outperforms
Published at 26/01/2021 at 11:50 -
FOREX-Dollar at one-week highs on safety bid, euro struggles
Published at 26/01/2021 at 08:52 -
FOREX-Dollar gains as stimulus nerves nudge investors to safety
Published at 26/01/2021 at 07:01 -
FOREX-Dollar firm as traders look to Fed to hold the line
Published at 26/01/2021 at 04:29 -
FOREX-Dollar firm as jittery markets look to Fed for catalysts
Published at 26/01/2021 at 00:46 -
FOREX-Dollar advances as investors shy away from risk
Published at 25/01/2021 at 20:43 -
FOREX-Dollar rises as investors shy away from risk
Published at 25/01/2021 at 17:28
Market News
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PRECIOUS-Gold steady ahead of U.S. Fed policy decision
Published at 27/01/2021 at 00:52 -
Oil prices steady as virus deaths rise, demand worries persist
Published at 26/01/2021 at 21:49 -
PRECIOUS-Gold edges down on U.S. stimulus worries, softer dollar limits losses
Published at 26/01/2021 at 19:01 -
PRECIOUS-Gold eases on firm dollar ahead of U.S. Fed meeting
Published at 26/01/2021 at 12:11 -
PRECIOUS-Gold falls on firmer dollar, U.S. stimulus concerns
Published at 26/01/2021 at 08:29 -
CORRECTED-Oil prices edge lower amid doubts over U.S. stimulus, rising coronavirus cases
Published at 26/01/2021 at 04:44 -
PRECIOUS-Gold inches lower on firmer dollar, U.S. stimulus worries
Published at 26/01/2021 at 01:13 -
Oil rises 1% on U.S. stimulus hopes, supply concerns
Published at 25/01/2021 at 20:28 -
PRECIOUS-Gold pares gains as the dollar edges higher
Published at 25/01/2021 at 19:33 -
PRECIOUS-Gold firms as dollar, yields ease; Biden stimulus plan in focus
Published at 25/01/2021 at 12:26
FOREX-Risk currencies gain as Trump gives way to transition, Yellen emerges as Biden pick
Published at
24/11/2020 at 03:55
* Yellen seen as supportive of monetary and fiscal stimulus
* Trump gives nod to transition process, boosting risk appetite
*
* Graphic: World FX rates in 2020
By Hideyuki Sano
TOKYO, Nov 24 (Reuters) - Risk-sensitive currencies gained on Tuesday as investors breathed easier after U.S. President Donald Trump accepted the start of a transition to a Biden administration, that is expected to include former Federal Reserve Chair Janet Yellen as Treasury secretary.
Trump gave the head of the General Services Administration the go-ahead to proceed with a transition to a government led by President-elect Joe Biden despite plans to continue with legal challenges.
Democratic allies to the Biden campaign said Yellen is expected to be nominated to become Treasury Secretary, heartening investors as she has called for increased government spending to lift the economy out of a coronavirus induced recession.
"One thing is for sure and that is there is unlikely to be as many Fed-Treasury spats," said Chris Rupkey, chief financial economist at MUFG Union Bank in New York.
"Those Fed lending facilities for municipal funding, the corporate bond market and Main Street will be coming back quickly after the December 31 expiration date."
Last week U.S. Treasury Secretary Steven Mnuchin let some of the Fed's lending programmes expire at the end of this year, opening a feud with the Fed, which said those emergency facilities are important to support the economy.
The Australian dollar ticked up 0.4% to $0.7313 while emerging market currencies such as the Mexican peso
and the South African rand also gained about 0.4%
.
The New Zealand dollar soared as much as 0.9% to scale a two-year high of $0.6985 also after the country's government sought advice from the Reserve Bank of New Zealand (RBNZ) on how it could help stabilise property prices, prompting investors to unwind wagers of more monetary easing.
The dollar held firmer against the safe-haven yen and the euro, after IHS Markit's U.S. manufacturing and services sector purchasing managers' indexes (PMI) both topped even the most optimistic forecasts in a Reuters poll.
While the U.S. PMI is usually not a big market mover, the reading made a sharp contrast with less inspiring figures from Europe published several hours earlier, helping the dollar to gain against the euro, traders said.
The safe-haven yen traded at 104.49 per dollar , having slipped about 0.6% overnight while the euro slipped to $1.1844 on Monday.
That helped to lift the dollar index to 92.463, off Monday's low of 92.013, its lowest since Sept. 1.
"The apparent strength of the U.S. data was favourable for the dollar," said Kyosuke Suzuki, director of forex at Societe Generale.
But Suzuki added that, despite its latest gains, the dollar's downtrend is likely to continue given the U.S. is running huge fiscal and trade deficits.
The U.S. currency's safe-haven appeal was also dented after AstraZeneca further lifted investors' appetite for risk by saying its COVID-19 vaccine could be about 90% effective and it would prepare to submit data to authorities around the world that have a framework for conditional or early approval.
The British pound held firm near a 12-week high against the dollar and six-month high versus the euro, propped up by bets Britain and the European Union would clinch a Brexit trade deal.
London and Brussels this week continue their negotiations to agree a deal on their future trading relationship, though time is now running very short as Britain's post-Brexit transition period ends in fewer than six weeks.
The pound stood at $1.3330 , having hit a high of $1.3396 on Monday. Against the euro, it traded at 0.8887 to the euro , near its six-month high touched about two weeks ago.
(Reporting by Hideyuki Sano Editing by Shri Navaratnam & Simon Cameron-Moore)
((hideyuki.sano@thomsonreuters.com; +81 3 4520 1195;))