The dollar nursed losses in Asian Market opening trades today and riskier currencies added a fraction to galloping gains, after better-than-expected U.S. services data provided the latest boost to confidence in a worldwide economic recovery from the COVID-19 pandemic. Chinese Yuan picked up where it left off after soaring with runaway Chinese equities yesterday and briefly neared the 7 per dollar barrier. The Antipodean currencies tagged along for the ride. The surge came after a front-page editorial in the China Securities Journal, affiliated with state-run Xinhua, said fundamentals laid the foundation for a \"healthy bull market. Data also showed U.S. service industry activity rebounded to almost pre-pandemic levels last month. In currency trading today, the dollar was unchanged versus the Yen at 107.36. The Euro was trading higher at $1.1310 while the Pound was marginally higher at $1.2496. The onshore Chinese Yuan was trading at 7.0145 after briefly touching 7.0041. Surprisingly, the Indian Rupee opened marginally weaker by 03 paise at 74.70/71 against its previous session’s close of 74.67/68 and is expected to trade in a range between 74.40 – 74.90 today.
Available to subscribers only!
