USD steady in Asia as commods, virus worries provide bid
SINGAPORE, May 21 (Reuters) - The dollar hovered around recent lows on Friday and was set to notch a modest weekly drop as traders’ concerns at taper talk in Federal Reserve minutes faded, though a pullback in commodity prices and nerves about virus outbreaks kept losses in check.
The dollar has given back a bounce it made after a mention of possible future tapering discussions, in minutes from the Fed’s April meeting, prompted fears of early rate rises.
Investors now figure that any action remains a long way away and that the path might again be clear for a resumption of April’s downtrend as the U.S. trade and account deficits weigh.
Dollar heads for weekly loss as taper fears ebb; crypto bounce loses steam reuters.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from reuters.com Daily Mail and Mail on Sunday newspapers.
Asia PacificMarkets slump as Singapore brings in strictest COVID-19 curbs since lockdown
Tom WestbrookChen Lin
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Office workers scan a Safe Entry QR code to enter a mall, amid the coronavirus disease (COVID-19) outbreak in Singapore May 12, 2021. REUTERS/Dawn Chua
Singapore announced on Friday the strictest curbs on social gatherings and public activities since easing a COVID-19 lockdown last year, amid a rise in locally acquired infections and with new coronavirus clusters forming in recent weeks.
The new measures announced by the health ministry, which will be force from Sunday to mid June, include limiting social gatherings to two people and ceasing dining in at restaurants.
FOREX-Dollar near 2-1/2-month lows as commodity gains stoke inflation worries Reuters 1 day ago
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By Saikat Chatterjee
LONDON, May 11 (Reuters) - Resource-oriented currencies including the Canadian dollar and the Aussie consolidated gains on Tuesday, as a rally in commodity prices boosted their appeal, while the greenback held near multi-month lows on growing concerns about price pressures.
Soaring commodity prices have sent the cost of raw materials from copper to iron ore and lumber to record highs, raising concerns that inflation may not be as transitory as some believe with U.S. breakeven rates scaling multi-year peaks.
The Australian dollar steadied at $0.7827, hovering just below a two-month high hit on Monday. The Canadian currency stabilized near a near four-year high, while the New Zealand dollar perched comfortably at February highs.
FOREX-Euro climbs on upbeat sentiment data; dollar struggles Reuters 1 day ago
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By Saikat Chatterjee
LONDON, May 11 (Reuters) - The euro rose on Tuesday, hovering just below a 2-1/2 month high hit in the previous session, after data showed German investor sentiment surged to its highest level in May since the start of the COVID-19 pandemic.
The ZEW economic research institute said its survey of investors economic sentiment rose to 84.4 points from 70.7 the prior month. The last time it hit a higher level was in February 2000. A Reuters poll had forecast a rise to 72.0. Investors are clearly on a more optimistic mood thanks to the improved pace of vaccinations in Germany and the rest of the eurozone, Scotiabank strategists said in a note.