EUR/USD
1.15237
-0.062%
Gold
4044.87
-0.148%
Oil
78.173
-5.973%
USD/JPY
156.867
-1.451%
GBP/USD
1.34591
-0.126%
GBP/JPY
211.132
-1.575%
Real-time News
Bank of America Global Research: Raises its target price for Airbnb (ABNB.O) from $150 to $160.Russia: The death toll from the attack on Grenzhik by Ukraine has risen to six.Bank of America Global Research: Raises target price for Moderna (MRNA.O) from $38 to $40.According to iPaper: British Prime Minister Burnham may deliver another Kings Speech to outline his governments new priorities.On August 3rd, the dollar continued its decline on Monday as joint intervention by the US and Japan in the currency market supported the yen. However, the root cause of the dollars recent weakness can be traced back to last weeks Federal Reserve meeting. At that time, the Fed decided to keep interest rates unchanged, raising questions about the new Chairman Warshs ability to combat inflation. ING FX strategist Francesco Pesole said, "It all started after the Fed meeting, when the market held a large number of long dollar positions. Positioning indicators show that short-term investors are generally heavily long on the dollar." Some strategists pointed out that to avoid further pressure on the dollar, the US Treasury might use euros instead of dollars to fund its yen purchases. Pesole said many traders are considering whether to shift to building long-term short dollar positions. However, he believes that Japans intervention in the currency market is only a temporary measure, and the Feds policy will ultimately determine the dollars trajectory. Jefferies strategist Mohit Kumar pointed out that if oil prices do not fall significantly, the Feds inaction on inflation will undermine Warshs credibility. Furthermore, he said, "Besides intervention, I think the fundamentals remain unfavorable to the yen and favorable to the dollar. The pressure on the Fed to raise interest rates will continue to increase."
