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MarketScreener Homepage  >  Indexes  >  USA  >  S&P 500    SP500

S&P 500

(SP500)
Delayed Quote. Delayed USA - 08/10 05:12:10 pm
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Dollar weakens as investors' risk appetite ramps up

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05/26/2020 | 04:32pm EDT
New Zealand and Australia one dollar coins are seen in a picture illustration

By Saqib Iqbal Ahmed

The U.S. dollar fell across the board on Tuesday as optimism about a potential coronavirus vaccine and a reopening world economy helped investors shrug off U.S.-China tensions, sapping demand for safe-haven assets.

The U.S. Dollar Currency Index <=USD>, which measures the greenback's strength against six other major currencies, traded down 0.75% at 98.99, after slipping as low as 98.891, its weakest since May 1.

Investors' increased appetite for risky assets sent stock markets across the globe higher, and commodity markets rallied.

The S&P 500 briefly rose above the 3,000 level for the first time since March 5, as U.S. biotech corporation Novavax Inc became the latest company to join the race to test coronavirus vaccine candidates on humans and enrolled its first participants.

"The reopening of the economy, along with positive news on the coronavirus vaccine front buoyed sentiment broadly," Ronald Simpson, managing director of global currency analysis at Action Economics, said in a note.

U.S.-China tensions have been simmering in the background as Washington repeatedly criticized Beijing's handling of the coronavirus outbreak, but investors have largely dismissed them.

On Tuesday, U.S. President Donald Trump's economic adviser said China's plan for national security legislation on Hong Kong was "a big mistake" and pledged Washington would pay expenses of U.S. companies that wanted to move out of the territory or China.

Data on Tuesday showed U.S. consumer confidence nudged up in May, suggesting the worst of the coronavirus-driven economic slump was potentially over as the country starts to reopen.

The dollar has remained in a narrow range since the end of March.

GRAPHIC: World FX rates in 2020 http://fingfx.thomsonreuters.com/gfx/rngs/GLOBAL-CURRENCIES-PERFORMANCE/0100301V041/index.html

On Tuesday, the euro was 0.83% higher against the greenback after the Ifo institute said German exporters recovered somewhat in May from a "catastrophic" April.

The trade-sensitive Australian <AUD=D3> and New Zealand dollars <NZD=D3> and Norwegian crown <NOK=D3> each rose more than 1% versus the U.S. dollar.

The dollar was about flat on the day against the yen a day after Japan ended its state of emergency.

The weaker greenback helped the British pound rise 1.23% to $1.2333.

GRAPHIC: Range-bound dollar

(Reporting by Saqib Iqbal Ahmed; editing by Jonathan Oatis and Richard Chang)

Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / JAPANESE YEN (AUD/JPY) 0.41% 76.161 Delayed Quote.-0.64%
BRITISH POUND / JAPANESE YEN (GBP/JPY) 0.16% 138.841 Delayed Quote.-4.16%
CANADIAN DOLLAR / JAPANESE YEN (CAD/JPY) 0.33% 79.64 Delayed Quote.-5.51%
DJ INDUSTRIAL 1.30% 27791.44 Delayed Quote.-3.87%
EURO / BRITISH POUND (EUR/GBP) 0.06% 0.89812 Delayed Quote.6.76%
EURO / JAPANESE YEN (EUR/JPY) 0.24% 124.7 Delayed Quote.2.36%
EURO / US DOLLAR (EUR/USD) 0.09% 1.17477 Delayed Quote.5.07%
JAPANESE YEN / SWISS FRANC (JPY/CHF) -0.16% 0.8623 Delayed Quote.-3.32%
NASDAQ 100 -0.49% 11085.167907 Delayed Quote.27.55%
NASDAQ COMP. -0.39% 10968.356828 Delayed Quote.22.72%
NEW ZEALAND DOLLAR / JAPANESE YEN (NZD/JPY) 0.48% 70.218 Delayed Quote.-4.39%
NOVAVAX, INC. 4.83% 178.51 Delayed Quote.4,385.18%
RISE, INC. 0.00% 29 End-of-day quote.-3.33%
S&P 500 0.27% 3360.47 Delayed Quote.4.01%
THE GLOBAL LTD. 2.59% 198 End-of-day quote.-57.96%
THE NEW HOME COMPANY INC. -1.59% 3.72 Delayed Quote.-20.17%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.13% 106.147 Delayed Quote.-2.61%
WORLD CO., LTD. 0.07% 1421 End-of-day quote.-47.19%
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