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World Safe-haven currencies on defensive, sterling soft on spending plan

04:26  30 june  2020
04:26  30 june  2020 Source:   reuters.com

Recovery hopes underpin risk currencies despite setback in pandemic fight

  Recovery hopes underpin risk currencies despite setback in pandemic fight Recovery hopes underpin risk currencies despite setback in pandemic fightTOKYO (Reuters) - The U.S. dollar was on the backfoot on Tuesday, while its Australian counterpart and other risk-sensitive currencies stood firm as markets clung on to hopes of an economic recovery from the pandemic despite rising infections in some parts of the world.

TOKYO (Reuters) - Safe - haven currencies were on the back foot on Tuesday as hopes of an economic turnaround boosted stock prices while sterling was under pressure after British Prime Minister Boris Johnson promised a "Rooseveltian" boost to public spending .

What is a Safe Haven Currency ? Safe havens are currencies and investments that are expected to either retain or increase in value when the market is Similarly, the yen's strength negatively impacted Japanese manufacturers and exporters. But reduced consumer spending in the U.S. meant import

a close up of a bottle: Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration © Reuters/DADO RUVIC Saudi riyal, yuan, Turkish lira, pound, U.S. dollar, euro and Jordanian dinar banknotes are seen in this illustration

By Hideyuki Sano

TOKYO (Reuters) - Safe-haven currencies were on the back foot on Tuesday as hopes of an economic turnaround boosted stock prices while sterling was under pressure after British Prime Minister Boris Johnson promised a "Rooseveltian" boost to public spending.

Spurring fresh optimism on the U.S. economy was pending home sales data, which showed that housing market activity had quickly recovered in May from a plunge triggered by the pandemic.

Pending home sales, based on contracts signed last month, surged 44.3%, compared to economists' forecast for 18.9% rise.

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A safe haven is an investment that is expected to retain its value or even increase in value during times of Defensive stocks: Examples of defensive stocks include utility, healthcare, biotechnology, and Some currencies are considered safe havens compared to others. In volatile markets, investors and

Safe haven currency is defined as a currency which behaves like a hedge for a reference portfolio of risky assets conditional on movements in global risk aversion.[1]. Such softness is typically the result of weak legal institutions and /or political or fiscal instability within the associated country.

Wall Street shares were also buoyed by a 14% surge in Boeing as the embattled aircraft maker began a series of long-delayed flight tests of its redesigned 737 MAX. The dollar has climbed to 107.59 yen , having touched a three-week high of 107.885, though it was capped by its 100-day moving average around that level. The safe-haven Swiss franc eased to 0.9511 per dollar and 1.0697 per euro . The euro stood at $1.1244 , having gained a tad against the U.S. currency on Monday. Sterling traded at $1.2297 , after sliding to a one-month low of $1.2252 on Monday on concerns about how Britain's government will pay for its planned infrastructure program following Prime Minister Johnson's promise to increase spending.

"This is the moment for a Rooseveltian approach to the UK," Johnson told Times Radio on Monday, referring to former U.S. President Franklin D. Roosevelt's "New Deal" programme, which included a raft of job-creating public works projects to help the United States recover from the Great Depression.

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The safe - haven Swiss franc and the yen held on to gains on Friday while the U.S. dollar also held firm against riskier currencies after global stock prices tumbled on renewed doubts over the prospects of a quick recovery in the global economy.

While riskier currencies and commodities received a significant boost after it was announced that Investor fears that the US Congress will be unable to agree on a plan to avoid impending budget Add Events To Google Calendar. Concerns Regarding US Economy Boost Safe - Haven Currencies .

There are also doubts about whether Britain will seal a trade pact with the European Union as little progress has been made in agreeing on Britain's future relationship with the bloc, which it exited on Jan. 31

The British currency hit a three-month low against the euro, which rose to as high as 0.9175 pound on Monday. The common currency last stood at 0.9138 pound.

All in all, the dollar index <=USD> was little changed at 97.444. U.S. Federal Reserve Chair Jerome Powell said late on Monday the outlook for the world's biggest economy is "extraordinarily uncertain" and will depend both on containing the coronavirus and on government efforts to support the recovery.

The epidemic showed little sign of abating as Arizona ordered the closure of bars and gyms, joining other sun belt states like Florida and Texas in reversing reopenings.

Los Angeles County also recorded an "alarming" one-day spike of new COVID-19 infections.

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World equity markets rallied for a fourth day on Thursday, with key stock indexes touching fresh peaks, as news that China plans to cut tariffs in half on some U.S. goods buoyed risk sentiment and pushed safe - haven currencies lower.

LONDON - Sterling flattened on Monday from a one-month low touched on Friday against a weaker dollar as Prime Minister Boris Johnson signalled he Home Secretary (interior minister) Priti Patel said on Sunday that the government would roll out a plan on Tuesday to boost spending in infrastructure.

"We've seen cases rising again even in countries that appear to have contained the disease such as Japan and Australia," said Ayako Sera, senior market economist at Sumitomo Mitsui Trust Bank.

"The bankruptcy of Cirque de Soleil highlights the fact that the show biz and tourism sector will continue to suffer. The economy is still barely tottering," she said.

The entertainment group filed for bankruptcy protection on Monday as the pandemic forced the famed circus operator to cancel shows and lay off its artistes.

On the diplomatic front, the United States began eliminating Hong Kong's special status under U.S. law on Monday, halting defence exports and restricting the territory's access to high technology products as China prepares controversial national security legislation for Hong Kong.

The offshore Chinese yuan barely budged at 7.0746 per dollar .

(Reporting by Hideyuki Sano; Editing by Shri Navaratnam)

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