|Day's Range||0.181 - 0.184|
|52 Week Range||0.1414 - 0.2691|
Bitcoin volatility has plunged to levels that in theory could push day traders to switch from virtual to tangible currencies.
The U.S. dollar strengthens on Friday after its main rival, the euro, gives back earlier gains on reports that the European Central Bank was considering a new round of long-term bank loans.
Haven currencies like the Japanese yen gain on Tuesday in response to geopolitical headlines troubling investors.
The Turkish lira surged during trading on Thursday, after reports said the U.S. pastor Andrew Brunson would be released soon, a move that could help defuse lingering tensions between Washington and Ankara. The Turkish lira spiked 2.3%, with the dollar buying 5.936 lira, Factset data shows. NBC News reported that the White House brokered a deal to free Brunson, according to senior officials briefed on the matter. President Donald Trump announced sanctions on Turkey in August after negotiations failed to lead to the pastor's release. The resolution of Brunson's detention could help ease pressure on Turkey as its policymakers battle an economic downturn.
The pressure on China’s currency continues to mount as the world’s second-largest economy shows more signs of slowing and traders bet that the dollar will soon buy a record amount of yuan in the offshore market. As the country returned to work on Monday after the Golden Week holiday, the People’s Bank of China cut the Reserve Ratio Requirement, the percent of deposit liabilities owed to its customers banks are required to hold, for the fourth time this year. While that may spur banks to lend more, it sent the Chinese yuan (USDCNY)(USDCNH) another leg lower, moving toward its August low against the greenback and in sight of the psychological 7.00 level.
The Canadian dollar powered ahead Monday after Canada and the U.S. reached a last-minute deal on the North American Free Trade Agreement and as oil prices continued their climb. The pending agreement allows Canada to join the accord reached by Mexico and the U.S. in late August, and comes just days after U.S. Trade Representative Robert Lighthizer told Congress that the two countries were unlikely to meet the deadline for a pact. The Canadian dollar (USDCAD) took off on the news, with one dollar last buying C$1.2799 versus C$1.2911 late Friday in New York.
Turkey President Recep Tayyip Erdogan criticized the Trump administration at a Turkish-American business dinner.
The Turkish lira jumped versus the U.S. dollar on Monday after Secretary of State Mike Pompeo told reporters that Pastor Andrew Brunson, who has been detained in Turkey, could be released this month. He is next scheduled to appear in court on Oct. 12. Brunson's detention on the grounds of terrorism charges created a diplomatic spat between the U.S. and Turkey. The pastor's story coincided with other issues that put a strain on the two allied countries' relationship, such as the dramatic sell-off of the Turkish lira earlier in the summer and U.S. import tariffs. The U.S. dollar last bought 6.0676 lira , a one-month low, compared with 6.2923 late Friday in New York. The lira also strengthened against the euro , its other major rival, which fell 3.7% to buy 7.1200 lira.
The U.S. dollar weakens against many of its major rivals on Thursday following a lower-than-expected consumer price inflation reading.
U.S. stocks traded higher early Thursday as stocks climbed in apparent optimism centered on the prospect of fresh U.S.-China trade talks. The Dow Jones Industrial Average rose 160 points, or 0.6%, at 26,159, with a gain on the day representing the index's longest string of wins since the four-day stretch ended Aug. 29 and a retake of the psychologically significant 26,000 level. Meanwhile, the S&P 500 index advanced by 0.5% at 2,904 and the Nasdaq Composite Index climbed 0.9% at 8,028, reversing some of the recent weakness in the technology-and-internet-heavy benchmark. A report late Wednesday from the Wall Street Journal said that the Trump administration is giving Beijing another chance to try to stave off new tariffs on $200 billion in Chinese exports. In economic data, the consumer-price index rose by 0.2% in August, its fifth straight increase. Economists polled by MarketWatch had predicted a 0.3% gain. Separately, jobless claims fell slightly in the latest week, holding at a 49-year low. Separately, Turkey's central bank raised its interest rates by 6.25 percentage points, with that move coming amid fears that a deterioration in the lira could result in a currency crisis that could spillover to the rest of the world. The rate hike was seen as possibly alleviating some of those pressures. Separately, the European Central Bank and the Bank of England kept their monetary policy unchanged.
The Turkish lira rallies sharply on Thursday after the Central Bank of the Republic of Turkey raised its one-week repo rate by 6 .25 percentage points to 24% from 17.75%. Market expectations for the policy update had been wide-ranging with no consensus. Still, Thursday's rate increase was was the higher end of any predictions for a rate raise. The CBRT cited "a more significant rebalancing trend in the economic activity," in its reasoning, adding that "external demand maintains its strength, while slowdown in domestic demand accelerates." The inflation outlook was also pointing at risks of price instability, the bank said in a statement, and "accordingly, the Committee has decided to implement a strong monetary tightening to support price stability." Turkish CPI last stood at 17.9% on an annualized basis in August. The CBRT has been closely watched since Turkey's currency crisis unfolded over the course of the summer, as market participants believe aggressive interest rate hikes could be one way out. However, the CBRT has been under fire from President Recep Tayyip Erodgan, who has been vehemently against higher rates. Earlier Thursday, Erdogan banned domestic sales and rental transactions in foreign currencies. The lira rallied versus its main rivals, the U.S. dollar and the euro, in response to the rate hike. One dollar last bought 6.1711 lira , down 2.7%, while one euro fetched 7.1806 lira , also down 2.7%.
Ahead of Turkey’s central bank policy update on Thursday, market participants can’t find a consensus on what officials might do to stem Ankara’s currency crisis.
As investors turn their attention to turmoil in emerging markets, analysts at Nomura revive an index they say has correctly signaled two-thirds of past emerging-market currency crises. Here are the seven countries they see most at risk.
South Africa unexpectedly met a widely used definition of recession in the second quarter, adding to the woes that have been dominating emerging markets as analysts weigh the risk of contagion across the asset class.
Carnage in emerging markets currencies cast a cloud over summer vacations. Here’s why the turmoil might continue.
The U.S. dollar trades little changed on the final trading day of August, leaving a closely followed index clinging to a modest monthly gain.
U.S. stocks posted their first losses in the past five sessions and the S&P 500 and the Nasdaq snapped a streak of 4 consecutive records, as a plethora of global worries buffeted equity indexes in the final week of August trading. Meanwhile, the S&P 500 index (SPX) declined by 0.4% at 2,901, while the Nasdaq Composite Index, which had briefly carved out an intraday peak, ended down 0.3% at 8,088. Both the S&P and Nasdaq halted their succession of record closes at four.
Argentina’s peso plunges to a record low, extending losses despite a large, emergency rate hike, while Turkey’s currency troubles continue. While the currency problems are largely homegrown, they underline worries surrounding emerging markets, analysts say.
Argentina’s central bank on Thursday delivers an emergency rate rise, boosting its benchmark rate to 60% from 45%, in an effort to stem the peso’s plunge. It didn’t work.
The Brazilian real fell to a 31-month low versus the U.S. dollar on Thursday after having trading down all week as political risk in the South American nation rose. But there could me much more pain in store for the real, as it hovers dangerously close to an all-time historical low against the buck.
G-10 currencies see muted trade on Monday and a popular gauge of the U.S. dollar relinquishes some modest gains, as investors await an important central bank retreat in Jackson Hole, Wyo., later this week.
Live from the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to discuss the latest market moves.
From the floor of the New York Stock Exchange, Yahoo Finance's Jared Blikre joins Alexis Christoforous to break down the latest market action.
The White House has reportedly rejected a deal with Turkey over a detained pastor. Yahoo Finance’s Alexis Christoforous and Rick Newman explain why the fight between the US and Turkey is likely to continue.