• About Us
    • Fact Checking Policy
    • Ownership & funding information
    • Volunteer
  • Subscribe
  • Letter submission
    • Submissions Policy
  • Contact Us
The Online Citizen Asia
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Letters
    • Comments
  • Current Affairs
    • Singapore
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Arts & Culture
    • Consumer Watch
    • NGO
    • Lifestyle
    • Travel
  • Politics
    • Civil Society
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
No Result
View All Result
The Online Citizen Asia
No Result
View All Result

Dollar Index rebounds, oil tumbles

by onlinecitizen
08/02/2017
in Finance
Reading Time: 2 mins read
0

Image from shutterstock

By Margaret Yang, CMC Markets
China’s foreign reserves fell more than expected to US$ 2.998 trillion – a lowest level in six years. The drop is even larger if we take into consideration the drop in the US dollar in the month of Jan, which lifted the foreign reserve by approximately US $22 billion. This added to concerns over China’s capital outflow and sent its currency down. The offshore renminbi dropped around 300 bps to 6.830 area after the release of data.
The euro dropped against US dollar for a third consecutive session to 1.067 area this morning, due to rising uncertainties with the upcoming elections in France and Germany.
French presidential candidate Marine Le Pen mirrored Donald’ Trump’s approach in launching her election campaigning, railing against globalization, Islamic influence and the European Union. If she is elected, it could tear the European Union further into pieces following Brexit. This scenario adds a huge downside tail risk to the euro in the coming months.
The US dollar index rebounded nearly 0.7% last night to 100.4 this morning. Technically, the 10-Day Simple Moving Average line is turning upward and momentum indicator MACD has formed a golden cross. That suggests the bearish sentiment may have come to an end and there could be more upside in the near future.
Crude oil prices slumped nearly 3% last night as the US dollar rebounded.  Tonight investors will watch the DoE crude oil inventory data to assess the supply-demand balance.
EUR/USD
market_20170208
Margaret Yang Yan, CFA, is a market analyst for CMC Markets Singapore

For just US$7.50 a month, sign up as a subscriber on The Online Citizen Asia (and enjoy ads-free experience on our site) to support our mission to transform TOC into an alternative mainstream press.

Related Posts

China angered by new Czech president’s Taiwan call
AFP

China angered by new Czech president’s Taiwan call

31/01/2023
过去五年  四成上班族曾遭性骚扰!仅30%受害者举报
Crime

Grassroots leader jailed for duping fellow volunteers to engage services from his own wife and firm

31/01/2023
Myanmar junta prepares for poll, raising fears of more bloodshed
AFP

Myanmar junta prepares for poll, raising fears of more bloodshed

31/01/2023
US tells vaccinated people in high COVID risk areas to mask again
AFP

White House says US COVID emergency status to end 11 May

31/01/2023
Editorial

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

31/01/2023
258 BTO flats and 168 resale flats returned to HDB due to non-fulfillment of Minimum Occupation Period
Politics

Desmond Lee files Ministerial Motion to affirm commitment on affordable public housing in Singapore

31/01/2023
Subscribe
Connect withD
Login
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
Notify of
Connect withD
I allow to create an account
When you login first time using a Social Login button, we collect your account public profile information shared by Social Login provider, based on your privacy settings. We also get your email address to automatically create an account for you in our website. Once your account is created, you'll be logged-in to this account.
DisagreeAgree
0 Comments
Inline Feedbacks
View all comments

Latest posts

China angered by new Czech president’s Taiwan call

China angered by new Czech president’s Taiwan call

31/01/2023
过去五年  四成上班族曾遭性骚扰!仅30%受害者举报

Grassroots leader jailed for duping fellow volunteers to engage services from his own wife and firm

31/01/2023
Myanmar junta prepares for poll, raising fears of more bloodshed

Myanmar junta prepares for poll, raising fears of more bloodshed

31/01/2023
US tells vaccinated people in high COVID risk areas to mask again

White House says US COVID emergency status to end 11 May

31/01/2023

Excessively charging for an essential need, and calling it affordable because people still can pay for it?

31/01/2023
258 BTO flats and 168 resale flats returned to HDB due to non-fulfillment of Minimum Occupation Period

Desmond Lee files Ministerial Motion to affirm commitment on affordable public housing in Singapore

31/01/2023
Keppel O&M’s involvement in Brazil’s massive corruption scandal

Keppel Offshore & Marine paid fines and damages of US$65 million to Brazilian authorities over corruption case

30/01/2023
Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit

Malaysian PM Anwar Ibrahim arrives in Singapore for one-day official visit

30/01/2023

Trending posts

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

Former Singaporean shares change of life in Australia with annual pay of S$80,000 as a plumber

by Yee Loon
30/01/2023
16

...

Two Indian nationals paid about S$330 and S$730 respectively for forged certificates submitted in their S-Pass application

MOM found issuing EPs meant for foreign PMETs to PRC waitress and general worker

by Correspondent
26/01/2023
41

...

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

Earning only S$400 a month, delivery-rider turned hawker threw in the towel after two years of running a rojak stall

by Yee Loon
26/01/2023
24

...

Ho Ching breaks silence over Temasek’s write down of its US$275 million investment in FTX, says it “can afford to be contrarian”

US regulator questions VCs’ due diligence work prior to investing in FTX; Ho Ching says Temasek can afford to be contrarian

by The Online Citizen
24/01/2023
28

...

Indian rupee falls 60% since signing of CECA while Singapore becomes top investor in India

by Correspondent
25/01/2023
59

...

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

Temasek and GIC reportedly in talks with Adani Group accused of “brazen” market manipulation and accounting fraud

by The Online Citizen
26/01/2023
49

...

February 2017
M T W T F S S
 12345
6789101112
13141516171819
20212223242526
2728  
« Jan   Mar »

The Online Citizen is a regional online publication based in Taiwan and formerly Singapore’s longest-running independent online media platform.

Navigation

  • Editorial
  • Commentaries
  • Opinion
  • Politics
  • Community

Support

  • Contact Us
  • Letter submission
  • Membership subscription

Follow Us

  • Facebook
  • Twitter
  • YouTube
  • Instagram
  • Fact Checking Policy
  • Privacy Policy

© 2022 - 2023 The Online Citizen Asia

No Result
View All Result
  • Opinion
    • Editorial
    • Commentaries
    • Comments
  • Current Affairs
    • Malaysia
    • Indonesia
    • China
    • ASEAN
    • Asia
    • International
  • Finance
    • Economics
    • Labour
    • Property
    • Business
  • Community
    • Civil Society
    • Arts & Culture
    • Consumer Watch
    • NGO
  • Politics
    • Parliament
    • Transport
    • Education
    • Environment
    • Health
    • Housing
  • Law & Order
    • Legislation
    • Court Cases
  • Lifestyle
    • Travel
  • Subscribers login

© 2022 - 2023 The Online Citizen Asia

wpDiscuz