Bonjour, new guests from small-town India
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
The US dollar edged up on Tuesday as diplomatic tensions between the US and China and rising coronavirus cases knocked investor confidence, although moves in currency markets were small in a quiet session.
While stock markets fell as investors turned cautious, the safe-haven yen was little changed and the Swiss franc - another currency traders buy in times of uncertainty - rose only slightly versus the euro, suggesting limited concern among FX investors.
A resurgence of novel coronavirus infections has caused some areas to place new restrictions on business activity, injecting some caution into the multi-month stock market rally that is betting on a rapid economic recovery.
Markets now face an additional threat from tit-for-tat retaliation between Washington and Beijing over access to US financial markets, civil liberties in Hong Kong and territorial claims in the South China Sea.
“US-China tensions about the situation in the South China Sea helped US dollar and weighed on cyclical currencies overnight, with the trade weighted dollar remaining firmly in the range of recent weeks,” ING analysts said.
However, they said progress in the European Union's efforts to agree to a recovery fund package this week would support the euro and limit the dollar's rise.
Against a basket of currencies, the dollar index was last up 0.1 per cent at 96.662, keeping it firmly within a tight range it has traded in since May.
The euro was down 0.1 per cent against the dollar at $1.1331 .
Currencies heavily exposed to global trade sentiment were down, but not by much. The Australian dollar lost 0.1 per cent to $0.6930, while China's offshore yuan slipped to 7.0185 yuan per dollar.
The yuan was little moved by data showing Chinese imports in June rose for the first time since the coronavirus panic paralysed the economy, as investors focused on tensions with Washington.
“The Hong Kong problem could potentially lead to new trade friction. Negative developments on either front could cause stocks to adjust lower, and drive some safe-haven flows to the dollar and the yen,” said Junichi Ishikawa, senior foreign exchange strategist at IG Securities.
In a busy day for data, Germany's ZEW economic sentiment indicator is due at 0900 GMT. US inflation numbers for June will follow at 1230 GMT.
The British pound fell after the economy rebounded in May at a much slower pace than expected, calling into question the V-shaped recovery many economists have been forecasting. Sterling was last down 0.3per cent at $1.2513.
Puneet Dhawan of Accor is brimming with ideas on ways to revive the hospitality sector
Citroen’s first vehicle sports a novel design and European interiors. It is also meant to be as comfortable as ...
The pandemic is only the tip of the iceberg that the country’s cash-poor airlines — both regional and national ...
The government is yet to specify the framework of its recently announced old vehicle scrappage policy
With initial public offerings galore, we give you a cheat sheet to score some good grades
Biggest risk in selling funds in a rising scenario is exiting early and missing out on further gains
Go for a standard vector-borne diseases policy if you don’t have a regular health plan
No credit risk is an attraction, but note the nuances
With the public looking beyond mainstream media for reports from the ground, independent digital platforms are ...
While Supreme Court has cleared the way for women seeking longer tenures and senior roles in the Indian Army, ...
Mughal Gardens in the Capital open to visitors — albeit with Covid-19 protocol — for the annual Udyanotsav
Salty, buttery, cheese coated or with maple syrup and bacon — popcorn is lending its adaptable self to gourmet ...
Its name is the starting point of a brand’s journey and can make a big difference in the success sweepstakes
Sober spirits are the in thing
A peek into where ad spends went last year and where they are headed tomorrow
Can Swiggy Instamart disrupt the ecommerce groceries space, currently ruled by the Amazons and Big Baskets? ...
Three years after its inception, compliance with GST procedures remains a headache for exporters, job workers ...
Corporate social responsibility (CSR) initiatives of companies are altering the prospects for wooden toys of ...
Aequs Aerospace to create space for large-scale manufacture of toys at Koppal
And it has every reason to smile. Covid-19 has triggered a consumer shift towards branded products as ...
Please Email the Editor