New York foreign exchange market = dollar depreciation, weak US index reception tapering concerns recede

The dollar has fallen in the New York foreign exchange market. The risk-on mood has widened as the Federal Reserve is unlikely to undertake early tapering.

money exchange market
The dollar has fallen in the New York foreign exchange market. 
The risk-on mood has widened as the Federal Reserve is unlikely to undertake early tapering. 

The US General Purchasing Managers’ Index (PMI) preliminary figures released by IHS Markit in August fell for the third straight month, the lowest level since December last year. 

Due to production constraints, supply shortages, and the rapid spread of the Delta strain infection of the new coronavirus, the recovery from the recession caused by the pandemic of the new coronavirus showed signs of losing momentum.

Edward Moya, a senior market analyst at OANDA, pointed out that there are many views that the market will not experience the “tapered tram” of 2013. “Although the tapering announcement will be made later this year, the pace of contraction will be so slow that there will be no signal to raise rates by the end of next year,” he said.

In late trading, the dollar index against the six major currencies fell 0.57% to 92.95.

The euro / dollar pair rose 0.44% to $ 1.175. Although the Eurozone PMI preliminary figures released by IHS Markit in August fell below record highs in July, it was well received that business conditions remained on an expanding trend.

The dollar / yen pair was down 0.11% to 109.680 yen.

High-risk currencies have risen across the board, and the Australian dollar has risen more than 1% against the dollar. The country’s prime minister, Morrison, said that the new corona restriction measures “cannot be continued forever. This is not a sustainable way of life.”

The New Zealand dollar also rose 0.7% to US $ 0.6874.

Bitcoin, a crypto asset (virtual currency), was temporarily put on the $ 50,000 level for the first time since mid-May.

Dollar / Yen NY Closing Price 109.68 / 109.71

Opening price 110.05

High 110.14

Low price 109.66

Euro / Dollar NY Closing Price 1.1743 / 1.1747

Open price 1.1727

High price 1.1750

Low price 1.1717

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