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Dollar strength helps Burberry avoid China lockdowns

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Burberry
  • Burberry reported that lockdowns in mainland China caused a 35% decline in sales.
  • Analysts had projected a decrease of 2% in same-store sales for the British luxury goods firm.
  • Full-year sales to be boosted by £190m due to stronger dollar and related currencies.

Burberry reported that lockdowns in mainland China caused a 35% decline in same-store sales during the first quarter, but a stronger dollar will deliver a greater boost to full-year sales.

Analysts had projected a decrease of 2% in same-store sales for the British luxury goods firm over the time, but same-store sales actually increased 1%.

Without China’s influence, sales would have been 16% higher.

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Rupee declines despite IMF nod

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KARACHI: The Pakistani rupee shed Rs1.15 against the dollar to reach Rs210.95 on Friday after the investors’ sentiments cooled down regarding the International Monetary Fund (IMF) recent development. The local unit shed Rs1.15 to close at Rs210.95 to the dollar from Thursday’s closing of Rs209.80 in the interbank foreign exchange market. Analysts said that the … Read more

Dollar resumes tireless ascent as expansion stirs up Fed wagers

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Dollar

The greenback charted new 24-year highs above 128 yen. The buck was 0.37% higher at 137.935 yen after reaching 138.015.  It touched $0.9998 on Wednesday, its highest level since December.2002. The Bank of Canada surprised markets with a percentage-point rate hike. The greenback lost as much as 0.52% to 56 Philippine pesos. New Zealand dollar … Read more

Brent crude slips below $100 per barrel due to the higher dollar

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Brent

Brent crude falls $7 to settle below $100 a barrel.  A strengthening dollar, demand-sapping COVID-19 curbs in China. Rising fears of a global economic slowdown are behind the drop. Oil is generally priced in U.S. dollars. Hedge funds and other money managers sold the equivalent of 110 million barrels. Brent rough tumbled $7 on Tuesday … Read more

United States dollar flat in volatile trading as payrolls exceeded estimates

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United States

The U.S. dollar was little changed against a basket of currencies. The data showed the world’s largest economy created more jobs than expected in June. The report cemented expectations of another 75 basis-point hike at the Federal Reserve’s policy meeting later this month. The dollar has hit consecutive 20-year peaks this week. The United States … Read more

Japan’s yen is driven by safety concerns, after hearing of Abe’s shooting

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yen

The Japanese yen rises by nearly half a percent against the U.S. dollar. Ex-PM Shinzo Abe was taken to hospital after collapsing while delivering a speech. The euro is down more than 2% this week on fears that gas shortages loom in Europe and economic growth will suffer. The pound is on course for its … Read more

Rupee records marginal gains

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KARACHI: The Pakistani rupee gained 8 paisas against the dollar to reach Rs207.91 on Thursday amid a likely hike in the key policy rate in the upcoming monetary policy meeting. The local unit gained 8 paisas to close at Rs207.91 to the dollar from Tuesday’s closing of Rs207.99 in the interbank foreign exchange market. Currency … Read more

POLL Dollar’s dream run continues, with few obstacles in its path

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POLL

The U.S. dollar has soared another 12% this year. Analysts say there is no good reason to expect the rally to stall yet. Only 11 respondents said less than three months for the dollar to weaken. The euro, Japanese yen, and British pound have all weakened by double-digit percentages this year. The POLL dollar will … Read more

The dollar is in charge as recession worries affect the euro and the pound

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dollar

The dollar held at a 20-year peak against the euro and multi-month highs against other major peers. Euro was only a fraction above its overnight low of $1.0262. Sterling was also trading down slightly at £1.1965 just off its 18-month intraday low hit overnight. The euro’s drop against the pound was much more muted, slipping … Read more

Argentina bonds fall after finance minister’s departure

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Argentina bonds
  • Argentina bonds international slid by more than 2 cents to trade at almost 20 cents on the dollar in the United States, hovering near levels indicating a high probability of default.
  • The parallel exchange rate in Argentina expanded by nearly 15% to a record low of 280 pesos per dollar on Monday.
  • Last year, the Paris Club offered Argentina more time to repay its debt while it negotiated a separate agreement with the IMF.

Argentina bonds sovereign, which are already trading at deeply distressed levels, fell by as much as 12 percent in early trading on Tuesday, following a weekend of political turmoil sparked by the abrupt exit of the country’s finance minister.

After the unexpected retirement of predecessor Martin Guzmán, who was important in arranging a $44bn debt restructuring deal with the IMF, President Alberto Fernández nominated a relatively unknown former provincial official, Silvina Batakis, to manage the economy.

The country’s international bonds slid by more than 2 cents to trade at almost 20 cents on the dollar in the United States, hovering near levels indicating a high probability of default.

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Rupee winning streak ends on IMF rumors

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KARACHI: The Pakistani rupee shed Rs2.38 against the dollar to reach Rs206.94 on Tuesday as speculations regarding the delay in the International Monetary Fund (IMF) programme prevailed. The local unit shed Rs2.38 paisas to close at Rs206.94 to the dollar from Monday’s closing of Rs204.56 in the interbank foreign exchange market. Currency experts said that … Read more

Dollar remains stable as market concerns about growth

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Dollar

The Australian and New Zealand dollars hit two-year lows on Friday. The Aussie fell 0.3% to $0.6796, while the kiwi slipped 0.1%. The dollar index stood at 105.100, not far below last month’s two-decade high. Sterling hit a two-week low of $1.1976 on Friday and is still hovering around that level. The dollar kept exchange … Read more

Indian Rupee drops to record levels.

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The partially convertible rupee was trading at 79.10/11 per dollar. It fell below the 79-per-dollar level for the fourth straight session. Analysts predict the exchange rate to settle at 78/$ by March 2023. Weakened by widespread rise in the dollar and as investors withdrew from local share markets, the Indian rupee fell on Friday, setting … Read more

Dollar increases, rates decrease following Powell’s comments on inflation

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Dollar

The S&P 500 ended slightly lower and looked set to put in the worst first half for the U.S. benchmark index in more than five decades. have worried that an aggressive push by the Fed to dampen inflation will tip the economy into recession. Treasury yields slipped as inflation worries hounded investors. The yield on … Read more

Rupee gains against US dollar in interbank market

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rupee

KARACHI: In the interbank market on Tuesday, the Pakistani rupee continued to appreciate against the US dollar, according to ARY News. State Bank of Pakistan (SBP) reports that the local currency increased by Rs1.07 versus the US dollar in interbank trading to close at 206.87. Interbank closing #ExchangeRate for todayhttps://t.co/BxztniOacU pic.twitter.com/CrkVMQu4D6 — SBP (@StateBank_Pak) June … Read more

Tokyo stocks close flat

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Tokyo stocks

Tokyo stocks closed flat as investors looked for evidence of increased economic activity in Japan. The Nikkei 225 index rose 0.08 percent, or 21.70 points, to 26,171.25. The Topix index fell 0.05 percent to 1,851.74. Tokyo stocks closed flat, as investors looked for evidence of increased economic activity in Japan following the relaxation of influenza … Read more

Rupee recovers 4.70 to end falling streak against dollar

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rupee

Rupee recovers against the dollar. The market responded positively to a deal between Pakistan and IMF. The current account deficit skyrocketed to $13.78 billion. KARACHI: The rupee rebounded sharply by 4.70 against the dollar on Thursday to end its nine-day falling streak, dealers said. The exchange rate gained Rs4.70 to end at Rs207.23 against the … Read more

Rupee falls for ninth straight day; dollar hits Rs211.93

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Pakistani rupee

Rupee weakens for the straight ninth day. The market was expecting Rupee to get stronger. The current account deficit skyrocketed to $13.78 billion KARACHI: The rupee fell for the ninth straight day against the dollar on Wednesday, as the foreign currency reached another high of Rs211.93 in the interbank market, dealers said. The exchange rate … Read more

The Russian rouble reaches a near 7-year high against the dollar

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rouble

The rouble soared 1.2% to 55.75 against the dollar earlier touching 55.44, its strongest mark since July 2015. It gained 0.6% to 58.49 against the euro, edging closer to its strongest level in nearly five years. The Russian rouble flooded on Monday to a close to a seven-year high against the dollar on Moscow Exchange, … Read more

How do interest rates affect the real economy?

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Central banks in the United States, eurozone and UK are raising interest rates. The US Federal Reserve announced the most aggressive interest rate increase in nearly 30 years. Higher rates affect the cost of borrowing for banks, which then pass those costs onto businesses. In order to curb inflation, central banks in the United States, … Read more

The dollar reaches 135 yen as US yields continue to rise

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dollar

The yen fell to a fresh 20-year low against the dollar on Monday, as red hot U.S. inflation data drove up Treasury yields. Central banks’ efforts to raise interest rates will remain in focus this week. The Federal Reserve and the Bank of England are expected to raise rates at their meetings. The yen tumbled … Read more

The yen continues to fall, while the euro remains stable

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yen

The yen has been weighed down by rising interest rates around the world. It is nearing the 135.20 per dollar mark, which would be its lowest since 2002. The euro was little changed at $1.07130 on Thursday, having moved very little this week. The yen dropped to a 20-year low on the dollar on Thursday, … Read more

Tokyo stocks rally on cheaper yen, robust Wall Street

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Wall Street

Nikkei closes above the 28,000 mark for the first time since March. The dollar fetched 133.03 yen in Asian trade. Global markets also hailed China’s recent moves including the gradual easing. Tokyo stocks rose on Wednesday, matching gains on Wall Street, as a weaker yen boosted exporters. The Nikkei 225 index gained 1.04 percent, or … Read more

Stocks retreat, as yen hits 20-year dollar low

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yen

Japan’s yen hits a new 20-year low against the dollar. The Bank of Japan decides against raising interest rates to battle rising costs. London’s FTSE 100 falls as PM survives a vote of no confidence in the UK. Stock markets mainly fell on Tuesday, while the yen fell to a new 20-year low against the … Read more

Dollar rises as risk appetite wanes, and inflation data is scrutinised

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Dollar

The dollar index has eased back to around the 102 level. Friday’s strong payrolls report helped the dollar notch its first weekly gain in three. U.S. stocks are well off their earlier highs to increase the appeal of the safe-haven ahead of a key reading on inflation. The dollar acquired against a bushel of significant … Read more

Pound rises after Boris Johnson’s no-confidence vote announced

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Tory MP

The pound is gaining ground versus the euro and the dollar. The pound increased by 0.6 percent to 1.26 US dollars and 0.4 percent to 1.17 euros.. If the PM loses, the UK’s economy ‘may get a lift and reverse some of the recent negative.’ The pound is gaining ground versus the euro and the … Read more

The yen is down against the dollar and the euro

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Dollar

The dollar climbed to 130.99 yen in early trade, a fresh one-month high. It is not far from last month’s 20-year peak of 131.34 yen after gaining 2.95% last week. The euro has also climbed on the Japanese currency and hit a seven-year high. The Japanese yen was on the back foot on Monday, in … Read more

Tokyo stocks close higher

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Tokyo stocks

The Nikkei 225 index rose 0.65 percent, or 178.09 points, to 27,457.89. The dollar fetched 129.25 yen, against 128.72 yen in New York late Tuesday. Consumer-sector shares rose on expectations for the normalization of economic activity. Tokyo stocks closed higher on Wednesday, with investors buying exporter shareholdings as the yen fell. The Nikkei 225 index … Read more

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