The dollar seems to continue its fumble today as the massive pressure from the recent geopolitical tension between Spain and North Korea continues to worsen. The stronger pound and euro also continue their bullish run applying more and more weight for the greenback. On the other hand, Asian shares are also up today on the softer dollar.
The softer dollar signifies a resurgent on Asian shares, reports have been tallying that the performance of the Asian shares hit a massive decade high. This is a massive performance outburst as the dollar continues to dip, nearing two-week high just days after its massive bullish run on the upbeat economic data last week.
As of writing, the dollar index continues to plummets, reports reveal that the ICE U.S. Dollar index was down by an astonishing 0.5% this Wednesday, trading at 93.225. Today’s session puts the greenback on a three-day losing streak, starting this week with the loss extending until today. On the other hand, the much comprehensive WSJ Dollar Index saw a massive decline of around 0.4% to 86.58.
The dollar has been sinking neck dip this week with geopolitical tensions from Spain and North Korea; this in return offsets the majority of the currency’s gains last week. Much of the gains that the dollar had from last week were mainly because of the of the upbeat economic data and the brand new announcement that the Federal Reserve had including the next potential interest rate hike, which was signaled to be in December.
Euro, Pound Price
On the other side of the globe, the euro managed to rally on an intraday high of $1.1826 later last Tuesday before easing to $1.1818. The increases were still remarkable when putting into consideration the currency’s price last Monday which was at $1.1743. The pound was also relatively high due to the softer dollar with gains tallying to be at $1.3208, considering that the currency was trading at $1.3141 last Monday.
Asian Shares Up
The softer dollar provided ample room for Asian shares to bullishly run today; the Nikkie was hovering at ridiculously high levels which were last felt last 1996 despite the big probe from the Kobe Steel debacle. The MSCI’s broadest index of Asia-Pacific shares outside Japan was tremendously up by 0.4%, the same level it felt last December of 2007. The South Korean Kospi was also surging with a total of 0.9% increase, reaching its highest level.
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