• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Finance

    Posted By linker 5

    Posted on January 21, 2021

    Featured image for article about Finance

    By Gertrude Chavez-Dreyfuss and Saqib Iqbal Ahmed

    NEW YORK (Reuters) – The dollar fell against most currencies on Wednesday, as risk appetite held up on optimism about a massive stimulus package under the new Joe Biden administration that will likely bolster a U.S. economic recovery.

    The greenback slid against the yen as well as currencies tied to commodity prices such as the Australian, Canadian, New Zealand dollars, and the Norwegian crown. The U.S. dollar dropped to a three-year low versus its Canadian counterpart and sterling, while hitting a two-week trough against the yen.

    The S&P 500 climbed to a new all-time peak, while U.S. crude futures gained as the risk rally carried on.

    Biden was sworn in as the 46th president of the United States on Wednesday, vowing to end the “uncivil war” in a deeply divided country reeling from a battered economy and a raging coronavirus pandemic that has killed more than 400,000 Americans.

    The new government is expected to push through Congress a nearly $2 trillion U.S. fiscal stimulus plan.

    “Once you are no longer uncertain about something and it materializes, the overall optimism grows and gives way to the global recovery narrative,” said Juan Perez, senior FX strategist and trader at Tempus Inc. in Washington.

    “The election and the issues after — all of them played a dramatic role, but now it’s over. Joe Biden is president and stimulus hopes are, like some markets, at a record high,” he added.

    In afternoon trading, the dollar fell 0.4% against the yen to 103.54, sliding to a two-week low earlier in the session to 103.45.

    The U.S. dollar tumbled to a three-year low versus the Canadian currency at C$1.2607, after the Bank of Canada on Wednesday opted not to cut interest rates. The greenback was last down 0.7% at C$1.2642.

    The Aussie dollar rallied 0.6% to US$0.7745, while the New Zealand currency also gained 0.6% to US$0.7167.

    Sterling rose to a three-year high versus the dollar of $1.3720, but surrendered some of those gains to trade up just 0.1% at $1.3643.

    A combination of heightened risk appetite in global markets and UK-specific optimism lifted the pound on Wednesday.

    The dollar index, meanwhile, was up 0.1% at 90.483. Since the beginning of the year, the index has posted a modest 0.5% gain.

    Futures positioning data still shows that investors are overwhelmingly short dollars as they figure that budget and current account deficits will weigh on the greenback.

    The euro fell 0.2% against the dollar to $1.2106.

    European countries are struggling to contain the contagion of the coronavirus amid worries that a new variant could lead to more stringent lockdowns and more economic pain.

    Investors are also fretting about the slower pace of the rollout of vaccines relative to the United States and Britain, which may hobble economic recovery in the euro zone.

    (Reporting by Saqib Iqbal Ahmed and Gertrude Chavez-Dreyfuss; Editing by Mark Heinrich and Sonya Hepinstall)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe