Dollar Makes Small Gains
FxPremiere.com – Forex Signals News; The dollar was up on Friday morning in Asia, supported by higher U.S. Treasury yields.
The U.S. Dollar Index, which tracks the greenback against a basket of other currencies, gained 0.12% to reach 90.632 by 10:15 PM ET (2:15AM GMT), as the U.S. 10 Year Treasury Yield edged up overnight.
In Asia, the USD/JPY pair advanced 0.26% to 104.48, while the USD/CNY pair also inched up 0.26% to 6.4656.
Down under, both the Aussie and New Zealand dollar lost ground to the greenback. The AUD/USD pair was down 0.35% to 0.7652, and the NZD/USD pair was also down 0.11% to 0.7160.
Despite the small gain in the morning, analysts expect the greenback will be on a downward tracjectory. “Wide expectations of that huge issuance that’s coming and the support of the Fed mean that we’re looking in the medium-term for further U.S. dollar weakness,” Michael McCarthy, chief strategist at CMC Markets in Sydney, told Reuters.
He added that commodity currencies such as the Australian dollar will receive support from the reversal in risk appetite.
Investors are also awaiting news of U.S. President Joe Biden’s fiscal spending package, with worries that the proposed $1.9 trillion deal will not end up being as large as expected. Dollar Makes Small Gains.
Ambitious Apple excites markets by bringing forward plans to take on Tesla
This year has seen Apple’s stock price skyrocket by a stunning 86% so far as optimism on the company’s prospects continues to frustrate its naysayers.
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Apple completed a highly successful stock split in September which caused its market value to increase to 2.3 trillion dollars, which is more than the entire market capitalization of London FTSE 100 index.
The major event for this year took place in October when the company launched its new 5G capable iPhone 12. Despite some skepticism by Apple’s critics who said that consumers would not be interested in 5G during the worrying times of the pandemic, sales have gone through the roof – according to Counterpoint Research.
Since its two iPhone models became available they have beaten all their rivals including Samsung (KS:005930) and captured almost a quarter of all 5g phone sales. Apple (NASDAQ:AAPL) is expected to report its highly anticipated fourth quarter sales in January, ahead of its earnings report estimated to take place on February 2nd. Apple also announced its new MacBook models and its new Apple M1 chip at a product launch in November.
The iPhone’s success aside, perhaps the most important story is the continued growth of the company.
In December Apple (NASDAQ:AAPL) announced plans to develop their driverless electric vehicle plans in an attempt to grab a piece of Tesla’s profitable pie. Project Titan, the plan to develop an electric vehicle, began in 2014 but progress has been slow. The company has faced problems moving into the car making sector amid some internal disagreements on strategy. The company was also reported to be making improved battery technology.
All of this news has pushed Apple’s stock price upwards and at the time of writing the company has jumped by 12% in December alone.
Sources: Bloomberg, Bloomberg Terminal (picture), Reuters, Wall Street Journal, Financial Times, Counterpoint Research
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Dollar Makes Small Gains