Thu. Dec 1st, 2022

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Dollar acquires followed by stock slides

1 min read
Usd

The dollar clung to gains on Friday after a rout in stocks sent nervous investors to its safety, while sterling was poised for its worst week since March as British plans to break a divorce treaty with Europe rekindled the specter of a no-deal Brexit.

In a volatile session overnight the pound languished while other majors whipsawed in tandem with moves in the euro and the U.S stock market.

The common currency at first zoomed 1% to $1.1917 after European Central Bank President Christine Lagarde
insisted the bank does not target the exchange rate.

But her subsequent remark that the bank indeed monitors it, and its effect on inflation – together with a tumble in U.S. stocks – brought investors rushing back to dollars and sank the euro back to $1.1825, where it sat in morning trade.

The risk-sensitive Australian dollar tracked the move and was up as far as $0.7325 before retreating to $0.7263 early in the Asian session. The New Zealand dollar fell to $0.6648 and was under gentle pressure on Friday.

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