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26 Oct 2021

Dollar Soar Higher Ahead of U.S. Growth Data Release & ECB Meeting

Dollar Soar Higher Ahead of U.S. Growth Data Release & ECB Meeting

The Index Today

On Tuesday (Oct 26, 2021 12:56AM ET), the dollar reflected higher against the safe-haven yen while relieving a touch against other currencies as heavy company earnings and a slow improvement in U.S.-China trade ties lifted opinion, and at the same time, rates expectations were seen on the value of euro.

The dollar was last up 0.2% at 113.93 yen and was maintaining a steady balance against the euro at $1.1599. Moves were slightly an inch as traders keeping an eye central bank meetings in Europe, Japan and Canada this week and data releases in Australia and the United States.

Reuters mentioned in report that the China's Vice Premier Liu He and U.S. Treasury Secretary Janet Yellen held a video call which readouts from both sides suggested was at least not acrimonious.

On the other hand, the Australian dollar rose about 0.3% and poked past 75 U.S. cents to $0.7513, China's yuan was firm near a four-month high at 6.3845 per dollar and the South Korean won hit a seven-week peak.

Bank of Singapore analyst Moh Siong Sim, while investors await data and central bank meetings for direction, "The dollar has been reversing lower because of a more risk- on market, and that's due to earnings coming in better than expected."

Analysts at Westpac said in a note, "The dollar looks to be finding its feet in the mid-93s." Traders are focused now to U.S. growth data on Wednesday and then to the upcoming European Central Bank's meeting on Thursday.