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Gulf Today Report
The dollar declined on Wednesday as hope for the coronavirus vaccine was dampened due to concerns on how the drug will be delivered, and increase in COVID-19 cases in the United States.
The dollar held steady at 105.28 yen, trading near a three-week high. Against the euro, the dollar was little changed at $1.1822.
Gold climbs as concern over coronavirus cases increase
Oil climbs as US crude stocks decline
Dollar rise after coronavirus vaccine news
The prospect of a COVID-19 vaccine advanced the dollar against yen and Swiss franc, but it is slowly losing momentum because a lot needs to be done before a vaccine can be distributed.
A lot of US states on Tuesday have put up tight restrictions to help contain the spread of the virus as hospitalization surges.
On the other hand, the New Zealand dollar jumped to its strongest level in more than a year.
The fall of the dollar index has advanced other currencies. The Chinese yuan struck a 28-month peak, the New Zealand dollar rose 0.6% to hit a 19-month high and the Australian dollar made a seven-week top.
The greenback index has stood at 92.641 against a basket of six major currencies, close to a two-week low.
The dollar index fell 0.3% at 92.836. Markets are keen to see the Fed's economic projections, and particularly whether it spells out where it sees inflation headed and what exactly that means for interest rates.
The greenback gained about 0.6% on the risk-sensitive Australian dollar and the yen streaked ahead even further, gaining half a per cent on the dollar to a one-week high of 104.95, and rising more than 1% on the Aussie.
The number of Americans filing new claims for unemployment benefits fell below 500,000 last week for the first since the COVID-19 pandemic started more than a year ago, signaling the labor market recovery
Shares rose to near record highs on Thursday, underpinned by a better outlook from Europe’s leading carmaker Volkswagen and increasing confidence in economic recovery in Germany and more widely.
Pakistan Business Council in Dubai, a business policy advocacy platform with 600 business members, has thanked the UAE for its support to the Pakistani business community and vowed to bolster trade between the two countries.
Masdar and Taaleri Energia, which invests in utility-scale wind and solar assets, have agreed to develop a 65-megawatt (MW) solar photovoltaic (PV) project in Greece. The project will be managed through the companies’ joint venture Masdar-Taaleri Generation (MTG).