FOREX – U.S. Dollar Rises as Japan Closes Its Books For The Fiscal Year

imageForex3 hours ago (Mar 31, 2020 12:13AM ET)

(C) Reuters.

By Gina Lee – The U.S dollar rose on Tuesday in Asia as Japanese investors scrambled for greenbacks on the last day of their fiscal year.

The U.S. dollar index, which tracks the greenback against a basket of other currencies, rose 0.12% to 99.4 by 10:54 PM ET (03:54 AM GMT).

The USD/JPY pair gained 0.61% as Japanese companies covered dollar shortages to close their books on the last day of their fiscal year.

“The talk is Japanese names are short of dollars, which is likely to keep the dollar bid well into London time,” Yukio Ishizuki, FX strategist at Daiwa Securities, told CNBC.

“We have to look beyond that and focus on what’s going on in China’s economy. Even if there is some decent data from China, I cannot be optimistic, because economic activity in many countries is grinding to a halt,” he added.

The USD/CNY pair lost 0.15% to 7.0877. China’s manufacturing Purchasing Manager’s Index (PMI), announced this morning, was a better-than-expected 52.0, and the yuan eased yesterday after the People’s Bank of China announced a cut in its reverse repo rate.

The GBP/USD pair slid 0.66% to 1.2334 as reverberations from Fitch Ratings downgrading Britain’s sovereign debt rating on Friday continue to impact the Sterling.

The AUD/USD pair gained 0.26% to 0.6188 and the NZD/USD pair gained 0.23% to 0.6028.

FOREX – U.S. Dollar Rises as Japan Closes Its Books For The Fiscal Year

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Leave a Reply

Your email address will not be published. Required fields are marked *