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Risk currencies catch their breath after recovery, virus resurgence raises the dollar

 


LONDON (Reuters) – Currencies at risk such as the Australian dollar took a break from Tuesday’s recent gains as investors paused in a recovery in the stock market as new coronavirus surges and blockages in some countries have slowed purchases and raised the dollar.

The Saudi riyal, the yuan, the Turkish lira, the British pound, the US dollar, the euro and the Jordanian dinar banknotes are visible in this illustration taken on January 6, 2020. REUTERS / Dado Ruvic / Illustration

Riskier currencies such as the Aussie, Norwegian krone, New Zealand dollar and Swedish krona, commodity-oriented, have rallied sharply since April, along with an increase in risk appetite for world markets.

But with a spike in Chinese stocks cooling on Tuesday, a spike in coronavirus infections in places trying to reopen, and regional blockages still being introduced, investors seemed to be getting off the gas.

The foreclosure measures were re-imposed on Australia’s second largest city on Tuesday, confining Melbourne residents to their homes unless they undertake essential activities for six weeks as authorities scramble to contain an epidemic of coronavirus.

The Australian dollar lost 0.5% against its US counterpart after the announcement, trading for the last time at $ 0.6940.

He did not react to the fact that the country’s central bank left its rates unchanged.

The dollar index rose 0.2% to 96.972. It gained 0.2% against the yen to trade at 107.595.

The Chinese yuan picked up where it left off after soaring with Chinese stocks on the run on Monday, but pulled out of an offshore high of 6.9965 to the dollar as caution crept in.

The greater Miami area of ​​Florida has become the latest hot spot to cancel its reopening as virus cases have increased to tens of thousands across the country and the death toll in the United States has exceeded 130,000.

“After yesterday’s strong recovery in risks – which also increased risky currencies – the reality of regional blockages in places like the United States, the United Kingdom, Spain and now Australia reminds us gently that the threat of a second wave of coronavirus is a threat that investors should not be. “Said Viraj Patel, global FX and macro strategist at Arkera.

Investors are nervously watching outbreaks of infections in the United States and India, but have so far believed that more massive closings are unlikely.

Daily case counts make reading gloomy, but deaths haven’t jumped, said Chris Weston, director of research at Melbourne broker Pepperstone, who is watching the bond market more closely where stubbornly low yields drive the money elsewhere.

The benchmark 10-year US Treasury yield remained at around 0.7% for one month, well below a high of 0.9590% in early June and more than 100 basis points below. from the beginning of the year.

“If we were to suddenly see signs of liquidation in the Treasury market, this could have great implications for the position of world capital. Up to this point, it’s up and up, ”said Weston. “Do what works and keep buying.”

On Tuesday, the kiwi fruit remained stable at $ 0.65554 after having, like the Australian, withdrawn from testing the top of a range which it kept for about a month.

The euro sat just below a two-week high touched on Monday at $ 1.1311 and the pound remained stable at $ 1.2505. The yen remained stable at 107.36 per dollar.

A key measure of long-term market inflation expectations in the euro area has moved from a record low in March and is approaching its highest level in about 4 months.

“One of the implications of the rise in inflation expectations is a new stronger push in the euro / dollar. The pair returned above $ 1.13 yesterday and we believe it needs to go further in the near term, “Danske Bank strategists said in a note to clients, adding that they had seen the euro. reach $ 1.15 in 3 months.

Report by Ritvik Carvalho; additional reporting by Sujata Rao in London and Tom Westbrook in Singapore, edited by William Maclean

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