Dollar climbs further, sticking euro, yen at multi-decade lows
The dollar resumed its relentless rise on Thursday, driven by both expectations for faster Federal Reserve policy tightening and safe-haven flows amid growing fears of a recession.
Global economic turmoil has put a rocket under the safe haven dollar, pushing the dollar index that tracks the greenback against six counterparts up more than 13% this year. It was last up 0.3% on the day at 108.580.
The dollar strengthened more than 1% against the yen, pushing it above 139 yen per dollar for the first time since 1998. It was last up 1.1% at 138.92 yen.
The euro was hovering just above parity with the dollar – a day after breaking below the key level for the first time in almost two decades.
The single currency remained under pressure on Thursday, weighed by downgraded official economic forecasts for the euro zone and political strife in Italy.
The euro fell as much as 0.5% on the day and was last down 0.4% at $1.00215.
Another hot set of U.S. inflation data on Wednesday and an aggressive 100 basis point rate hike by the Bank of Canada on the same day has stoked bets on swifter policy tightening by the Fed, currency analysts said.
“The price action reflects building fears that the Fed will strangle the life out of the U.S. recovery by responding more aggressively to dampen upside inflation risks,” analysts at MUFG said in a note.
Traders have ramped up bets that the U.S. central bank could raise rates by 100 basis points when it meets on July 26-27. A hike of at least 75 basis points is seen as almost certain.
Sterling slipped 0.4% to $1.18505, as concerns about prospects for the British economy dominated despite data on Wednesday showing output unexpectedly grew in May.
Kim, the leader of North Korea, makes a rare appearance with his daughter.
Kim Jong-un, the leader of North Korea, made his first public appearance with his young daughter, confirming long-circulating rumors that she
U.S. economic growth was negative for the second quarter in a row. Is a recession occurring?
In the past three months, the US economy fell by 0.9%. For the second consecutive quarter, the economy has shrunk. Gross domestic output, or GDP,
To combat inflation, the Fed will soon raise rates significantly again. The economy is balanced.
At a news conference, Fed Chair Jerome Powell defended the "unusually substantial" rate increase by stating that "the labor market is exceedingly
<strong>Errol Musk claimed that he is still having kids and that he had a new one with his stepdaughter three years ago! Here are some facts about Elon Musk's father.</strong>
The father of Elon Musk, Errol Musk, age 76, has admitted to having a second kid with Jana Bezuidenhout, age 35, in an interview with The Sun. He
DWP: The date on which the second cost-of-living payment will be deposited into bank accounts; What time does the payment for the cost of living start? time when money will actually arrive in your bank account.
What you need to know about the arrival of the free £326 cost of living payments. Beginning Thursday, one in four households will get a government
The US annual inflation rate increased from 8.6 percent in May to 9.1 percent in June 2022, exceeding market expectations of 8.8 percent and
EUROPE - Five Things You Should Know Before You Begin Your Day
Europe's hard recovery is accompanied by sanctions against Russia, rate increases by central banks, and a contest for prime minister in the UK. Here
The story of Inflation in the 21st Century - the run-up and the way-forward
The article has been copied from LinkedIn profile of Sanjeev Kumar. Link of the original post:
Citigroup predicts further downward revisions in oil demand.
Citigroup predicts further downward revisions in oil demand.According to Ed Morse, global head of commodity research at Citigroup Inc., amid
House prices in Northern Ireland are at record highs nationwide, but there are hints of a slowdown as mortgage rates decline.
According to Nationwide Building Society, price growth slowed from 11.2 percent in May to 10.7 percent in June. The typical home price in the UK
BERNIE ECCLESTONE, A FORMER F1 EXECUTIVE, SAID HE WOULD "TAKE A BULLET" FOR PUTIN AND EXPRESSED CONTEMPT FOR ZELENSKYY.
The Bernie Ecclestone Association Press While condemning Ukrainian leader Volodymyr Zelensky and American intervention, Formula 1 chief Bernie
What are some things that middle-class people believe that wealthier people do not?
Richness is wearing branded clothesRichness is imitating the rich .Show off first , pay your liabilities later .Richness is enjoying luxuriesSave
why should israel be inspired?
Israel being so tiny country has made a global recognition . Technology Israeli s are one of the finest technology innovators , there
Who is the most underrated Indian ever?
WORLD’S LARGEST GOLD COMPANY Rajesh Exports Limited (REL) is the world's largest gold company and world's only fully integrated
Why is the poor getting poorer and why is the rich getting richer?
Capitalism is the only reason In the early 1900 s there were only 12 to 20 billionaires , Now the count has reached 4000+ billionaires world
What can the rest of the world learn from Chinese people?
Speed . In the last 3 decades they evolved from a poor country to a global super power They work at immense speeds , they don't waste their
Believing in Yourself Has Unparalleled Power
You must totally believe in yourself and your potential to live a life of high achievement. Find me a highly successful individual who does not
ESPN is being sued by Sage Steele for allegedly infringing on her right to freedom of speech.
One of ESPN's long-serving anchors is suing the corporation and its parent firm, The Walt Disney Co., for allegedly violating his right to free
According to a report,Renault is selling its Lada shareholding in Russia for one rouble.
Renault will sell its 68 percent ownership in Avtovaz, Russia's largest carmaker, to an auto research organization for one symbolic rouble, the