The U.S. dollar dipped from a two-month peak in early Asian Market trades today, as renewed hopes of U.S. stimulus eased investors\' concerns about economic recovery, while the Chinese yuan gained after the country was added to a global bond benchmark. Stocks in Asia rose today with U.S. and European equity futures as investors weighed the chances of a new American stimulus package against an uptick in global coronavirus cases. The offshore yuan climbed on optimism about inflows into Chinese assets. The risk of a slowdown in the economic recovery has risen with the lack of another stimulus package, prompting Goldman Sachs Group Inc. economists to cut their forecast for U.S. growth in the fourth quarter. Federal Reserve Chairman Jerome Powell reiterated that “it’s likely that additional fiscal support will be needed,” while Fed Bank of St. Louis President James Bullard said the economy may be close to a “full recovery” by year-end… In currencies today, the yen was little changed at 105.47 per dollar. The euro bought $1.1668 while the pound was trading unchanged at $1.2748. The offshore yuan was at 6.8193 per dollar, up 0.1%. The Indian Rupee opened stronger with a gap of 15 paise at 73.75/76 against its previous session’s close of 73.90/91 and is expected to trade in a range between 73.50 – 73.90 today.
Available to subscribers only!
