Dollar shelters under recession clouds as investors put safety first
Added 06-26-22 11:04:02pm EST - “The dollar found support from investors worried about recession and seeking safety to hold just below a two-decade high on Monday, having slipped late last week after downbeat U.S. economic data reduced bets on U.S. interest rate…” - News.yahoo.com
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Posted By TheNewsCommenter: From News.yahoo.com: “Dollar shelters under recession clouds as investors put safety first”. Below is an excerpt from the article.
SINGAPORE (Reuters) - The dollar found support from investors worried about recession and seeking safety to hold just below a two-decade high on Monday, having slipped late last week after downbeat U.S. economic data reduced bets on U.S. interest rate hikes.
While Asian stocks followed Wall Street higher, currency traders were wary of extending Friday's dollar selling because the dollar typically rises in times of uncertainty. [MKTS/GLOB]
The risk-sensitive Australian dollar eased 0.3% to $0.6918, weighed down by sliding commodity prices. The euro was pinned at $1.0563, though the beaten-down yen steadied to 134.68 per dollar.
The U.S. dollar index was steady at 104.010, having made a 20-year peak of 105.79 earlier in the month.
Weakening U.S. economic data knocked it off that perch, and a survey released on Friday showed consumer confidence at a record low, giving another prompt for investors to cut back bets on U.S. interest rate hikes.
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