Forex

Dollar extends gains on global stimulus plans

2019-08-19 14:27:04 GMT (Economies.com)

US dollar rose in the European market today, heading for a 2-week high, on China and Germany stimulus plans to counter recession risks, which in turn improved investors' risk appetite.

Dollar index rose by about 0.1% to 98.25 points, from the opening of 98.17, with a low of 98.13.

 

Dollar rose by 0.1% today, rising for the fifth day in a row, near 2-week high at 98.34 points, as US Treasury yields rebounded.

 

Dollar index rose by 1.2% last week, its fourth weekly gain in the last five weeks, on increased demand as the best investment in the forex market.

 

In China, the People's Bank on Saturday announced an interest rate reform and a cut in corporate borrowing costs, to stimulate the economy to recover from the trade war impacts.

 

While the German government expressed its readiness to spend about 50 billion euros to face any future economic crisis.

 

Markets are anticipating the US decision today on allowing Huawei to buy supplies from US companies.

 

Reuters quoted sources saying that the US Department of Commerce will provide a new exemption to Huawei to allow it to buy supplies from the US so that it can meet its obligations to its existing customers.

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