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Dollar retreats from 9-month high as stock rally lifts sentiment

The safe-haven dollar retreated from more-than-nine-month highs against major peers on Monday as a bounce in Asian stocks lifted sentiment, despite the continued spread of the Delta coronavirus variant.

The dollar index, which measures the currency against six rivals, declined 0.19% to 93.311 from Friday, when it climbed as high as 93.734 for the first time since Nov. 4.

The move came as equities rebounded across the region, with base metals prices up as hopes of an improvement in demand rose after China, the world’s top metals consumer, reported no new locally transmitted COVID-19 cases for the first time since July. Wall Street’s stronger finish on Friday also underpinned sentiment.

Commodity-linked currencies including the Aussie and Canadian dollar led the rebound against the dollar, following steep declines last week.

The yen, another safe haven, was largely unchanged at 109.85 per dollar, consolidating in the centre of the trading range of the past month and a half.

The euro appreciated 0.18% to $1.17195, off Friday’s 9 1/2-month trough of $1.1664.

Sterling added 0.18% to $1.36475, up from a one-month of $1.3602 at the end of last week.

Bitcoin tops $50,000, hitting a more than 3-month high

Leading cryptocurrency bitcoin topped $50,000 for the first time since mid-May, and last traded 2.06% higher at $50,333.24.

PayPal launches its cryptocurrency service in the UK

PayPal is launching its cryptocurrency service in the U.K.

The U.S. online payments giant said Monday it would let British customers buy, hold and sell digital currencies, starting this week.

It marks the the first international expansion of PayPal’s crypto product, which first launched in the U.S. in October last year.

Reference: CNBC, Reuters

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