This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Dollar Softer After China Revalues Yuan

The U.S. dollar was generally softer Monday. News that China has agreed to make its currency more flexible has captured the imagination of the market and this has been expressed in what are regarded as risk trades. Among the majors, the dollar-bloc has led the advance, with the Australian dollar the chief beneficiary. In Asia, the South Korean won and the Malaysian ringgit gained more than 2%, but the whole region advanced. There was some disappointment when China's fixing of the yuan was at the same level as last Friday.

Global equity markets have stormed ahead. The MSCI Asia-Pacific Index rose 2.8% on top of last week's 3.3% advance. The Nikkei rose 2.4%. The Shanghai Composite, which has been sitting on multi-month lows, rallied almost 3%.

European shares were broadly higher, with most bourses up around 1.5% around midday in London. Barring a reversal late in the session, it will extend the winning streak in the Dow Jones Stoxx 600 to a ninth day. As in Asia, the basic material sector is the strongest.

The greater appetite for risk has removed a safe-haven bid for U.S. Treasuries and German bunds. Market sensitivities about China's reserve accumulation and its currency regime also may weigh on sentiment ahead of this week's $108 billion sale of Treasury coupons. Of note, Spanish bonds continue to recover as last week's auction continues to resonate; Portugal and Greece stand out on the periphery as weak. Ahead of Tuesday's U.K. budget, gilts continue to outperform bunds.
A global leader with close to 200 years of experience, Brown Brothers Harriman helps many of the world's most sophisticated mutual funds, investment managers, banks and insurance companies achieve their international business objectives. BBH provides specialist services and innovative solutions to clients that include a global custody network of close to 100 markets, accounting, administration, securities lending, foreign exchange, cash management and brokerage services. BBH operates a global business through 14 locations, including New York, Boston, New Jersey, Philadelphia, Charlotte, Chicago, Dallas, London, Dublin, Luxembourg, Zurich, Grand Cayman, Hong Kong and Tokyo.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.27 -0.96%
FB $117.82 0.33%
GOOG $696.58 0.61%
TSLA $223.54 -3.80%
YHOO $36.02 0.01%


Chart of I:DJI
DOW 17,645.92 -104.99 -0.59%
S&P 500 2,051.14 -12.23 -0.59%
NASDAQ 4,727.6040 -35.62 -0.75%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs