Forex

Greenback rises as US tech shares see second sell-off in lower than every week

© Reuters.

From Gina Lee

Investing.com – The dollar rose in Asia on Wednesday morning and held gains after US markets posted a second price in technology stocks in less than a week, giving the dollar a boost.

The greenback against a basket of other currencies rose 0.07% to 93.502 at 10:01 p.m. ET (3:01 p.m. GMT).

"US. Stock futures are likely to be a guide to currencies today. The more stock futures fall, the greater the strength of the dollar and the yen," Joe Capurso, Commonwealth Bank of Australia's chief international economist, told Reuters .

The dollar also gained against the euro after the European Central Bank's (ECB) chief economist Philip Lane commented last week that the exchange rate was an issue for monetary policy.

"Lane seems to have been able to draw a line in the sand of $ 1.20, at least for now," Jane Foley, senior FX strategist at Rabobank, told Reuters.

"We see scope for the euro / dollar to continue falling towards USD 1.17 after a month," she added

Thursday's ECB meeting could bring even more gains for the greenback as investors want to closely monitor all comments on the euro.

The pair fell 0.23% to 1.2957 on turbulent Brexit negotiations between the UK and the European Union.

Investors are paying attention to the UK's blueprint setting out the post-Brexit life conditions expected later in the day. However, fears of an amicable divorce between the two have increased as the blueprint includes the publication of laws that are reported to be in violation of international law "on a limited scale", potentially affecting talks and increasing the likelihood of a no-deal Brexit.

The pair fell 0.08% to 105.93.

The pair was up 0.12% to 6.8520. Data released earlier in the day showed that and for August were up 2.4% year over year and down 2%, up 0.4% from the previous month. The readings all fell from the previous month, but hit the forecast numbers created by Investing.com.

The pair rose 0.06% to 0.7218 and the pair rose 0.03% to 0.6620.

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