The U.S dollar has depreciated in the early hour of Thursday, as the American dollar recorded a lost of 0.11%, as many global investors withdrew from the safe-haven currency.
Brandnewsday gathers that the U.S. Dollar Index that monitors the American dollar against a group of other influential currencies recorded lost of 0.11% to 97.040. Meanwhile, the Global stocks extended to rally around other leading currencies as traders and investors are retreating from the U.S dollar.
Consequently, the U.S Dollar Index that tracks the American dollar against a load of other notable currencies (like the Japanese yen, British pound sterling, Swedish Krona, Euro) revealed the decrease in the exchange rate of the dollar. Many individuals that need to carry out foreign exchange payment obligations, will be prompted to pay more dollars to fulfil such successful transaction, using the dollar for transactions to countries like Europe, and Japan.
In spite of that, some global investors and currency traders are predicting futuristic gains for the greenback with the resurgence of the COVID-19 cases globally. There were over 10.6 million cases as of July 2, according to Johns Hopkins University data.
Tohru Sasaki, Head of Japan Market Research at J.P. Morgan, told Reuters that “If we see further spikes in coronavirus cases, I would expect both the dollar and the yen to strengthen against other currencies.”
READ: U.S Dollar Suffers Against Major Currencies, Investors In Confusion
Apple Inc is set to present a slimmer iPhone 17 Air model, marking a potential…
A six-year-old girl, Ella, fatally shot a 28-year-old American police officer last month after witnessing…
The Lagos State Internal Revenue Service (LIRS) reminds all individual taxpayers, including self-employed individuals, those…
Stanbic IBTC Bank, a prominent financial institution in Nigeria, has partnered with Autochek, an innovative…
The headline figure derived from the survey is the Stanbic IBTC PMI® - Purchasing Managers’…
Stanbic IBTC Bank, a subsidiary of Stanbic IBTC Holdings and a leading financial service solutions…
This website uses cookies.