Thank you for visiting our website.
Until further notice, Tradeo is no longer accepting new clients.
The dollar edged marginally higher in early European trade Tuesday, helped by concerns over the rise of Covid cases in Asia, but gains are minimal ahead of this week’s key payrolls release.
At 2:55 AM ET (0755 GMT), the Dollar Index, which tracks the greenback against a basket of six other currencies, traded 0.1% higher at 91.963, just below the two-month high of 92.408 reached on June 18, shortly after the last Federal Reserve meeting.
USD/JPY was 0.1% lower at 110.57, just below a nearly 13-month high of 111.11 reached last week, EUR/USD was down 0.1% at 1.1913, GBP/USD fell 0.1% to 1.3868, while the risk-sensitive AUD/USD was up 0.2% at 0.7555.
The safe-haven dollar received a boost Tuesday as a number of regions in Asia struggled with the spread of the highly infectious delta variant of the Covid-19 virus.
Australia has locked down several cities, Indonesia is grappling with record-high cases, Malaysia is set to extend a lockdown and Thailand has announced new restrictions.
Don Joyce, a Nokia (NYSE:NOK) director working from home at a remote lake cottage in Canada, recently abandoned his painfully slow phone-line internet in favor of satellite broadband service Starlink, offered by Elon Musk’s SpaceX.
Starlink, which cost him C$600 dollars (US$486) for hardware and a lofty C$150 monthly subscription, provides “blindingly fast” speeds when uploading videos or streaming movies, he said.
But the beta test customer said he experiences dropouts during calls on Microsoft Teams and Zoom.
“If you’re in the city and you have alternatives, I wouldn’t recommend it. But if you’re in the country, like in the middle of nowhere and you’re getting pathetic internet service, then it’s definitely a competitor.”
For billionaire entrepreneur Elon Musk – founder of electric vehicle manufacturer Tesla (NASDAQ:TSLA) Inc – the success of one of his biggest bets may come down to just how many people like Joyce are out there.
Gold was down on Tuesday morning in Asia, remaining close to the one-week low hut during the previous session and is set for its worst month since 2016. A strengthening dollar and concerns over whether the U.S. Federal Reserve would tighten its monetary policy sooner than expected also weighed on the yellow metal.
Gold futures were down 0.37% to $1,774.15 by 12:18 AM ET (4:18 AM GMT), after hitting its lowest level since Jun. 21 on Monday.
Confusion over the Fed’s policy outlook remains almost two weeks after a sudden hawkish turn in its latest policy decision spooked investors. This has in turn contributed to the listless trading seen in the gold market, according to ED&F Man Capital Markets analyst Edward Meir.
Some Fed officials stuck to this hawkish tone, with Fed Bank of Richmond President Thomas Barkin saying that the central bank has made “substantial further progress” towards its inflation goal in order to begin asset tapering.
Legal disclaimer: The material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instruments. UR Trade Fix Ltd accepts no responsibility for any use that may be made of these comments and for any consequences resulting in it. No representation or warranty is given as to the accuracy or completeness of this information. Consequently, any person acting on it does so entirely at their own risk. The analysis does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Past performance does not constitute a reliable indicator of future results and future forecasts do not constitute a reliable indicator of future performance.
It has not been prepared in accordance with legal requirements designed to promote the independence of research, and as such it is considered to be marketing communication. Although we are not specifically constrained from dealing ahead of the publication of our research, we do not seek to take advantage of it before we provide it to our clients. We aim to establish, maintain and operate effective organizational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of our clients. We operate a policy of independence, which requires our employees to act in our clients’ best interests when providing our services