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Dollar Stats Rise as Stocks Rise After Upbeat Data

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Recent upbeat data caused the dollar to gain statistics last Monday after it restored a little calm in the financial markets. This prompted overall equities to come back from previous deep losses and it triggered an increase in overall Treasury yields.

The recent greenback rates got a significant lift when compared to the yen after Japan’s Government Pension Investment Fund (GPIF) amounting to $1.2 trillion boost overall foreign asset holdings that is seeing a spur of demand for other foreign currencies.

Dollar Stats Rise as Stocks Rise After Upbeat DataLast Friday, statistics showed that the consumer sentiment in the U.S. recorded statistics that are stronger than expected, after restoring faith in the country’s economy were felt that calmed nerves after a whole week of sharp falls on statistics concerning global growth concerns.

Tokyo’s Nikkei relied on tips from last Friday’s Wall Street rebound, which recorded a five-month rough last Friday that surged to 2.6%.

The dollar’s stats were up 0.2% at 107.18 yen that placed further distance between the five-week low performances of recording 105.90 hits during the week before.

The 2 year Treasury yield of the U.S. often is correlated with the dollar’s overall performance, which had increased to 2.21% from its 17 month low of a percentage of 1.865% last week.

Masafumi Yamamoto, a Praevidentia Strategy market strategist from Tokyo stated that the dollar can further extend its overall gains by the mid 107 yen level if the equity market in Europe and Asia improve. The Government Pension Investment Fund (GPIF) news is considered also rare because it touches related figures involving foreign asset allocations that could lead to the further sale of the yen.

Meanwhile, the euro decreased to 0.2%, amounting to $1.2740 recovering from a 3 week peak at $1.2887 last week.

The overall dollar index DXY, the measurement used when it comes to greenback stats compared to six major currencies increased 0.2%, amounting to 85.287 after falling to a 3 week low recorded at 84.472.

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