Saturday, Sep 18th 2021 8:43 PM

Market Digest Nigeria


Dollar Surges by 0.5% to 10-day High

The dollar, on Monday, January 30, edged by 0.5 percent to a 10-day high against a basket of currencies, reversing earlier falls.

Against the yen, though, the dollar remained weak, trading down 0.4 percent at 114.27 yen JPY= by 1300 GMT, as investors sought the traditional security of the Japanese currency after U.S. immigration curbs put the spotlight back on Trump’s protectionist bent and the risks it poses for the economy.

On Monday the DXY fell to 100.17 but has reversed course to trade up 0.4 per cent on the day to 100.97.

Data from the Commodity Futures Trading Commission for the week to January 24 showed that hedge funds had trimmed their net long positions on the US dollar for the third week in a row.

The dollar had also been weakened by weaker-than-expected U.S. economic growth data on Friday, Reuters reports.

Meanwhile, the British pound has also relinquished gains, now off 0.4 per cent to $1.2498.

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