The dollar pared some of its losses after US senators struck a deal to lift a three-day government shutdown but it was mired near a three-year low against a basket of currencies on lingering concerns about its yield advantage being chipped away.
The US House of Representatives passed a short-term measure on Monday to fund the federal government through February 8 after it won enough support in the Senate.
Still, a boost from the deal did not last long partly because the measure secured funding for only a little more than two weeks, with the Republicans and Democrats still at loggerheads on many issues.
The dollar’s index against a basket of major currencies stood at 90.36, not far off its three-year low of 90.104 touched on January 17.
One reason often cited by traders for the dollar’s climbdown is that its relative yield attraction is at risk as the world’s major central banks are seen winding up their stimulus.
That would change the interest rate dynamics of the past few years, when the US Federal Reserve was the only central bank raising rates.
The dollar bounced back a tad to ¥110.90, after starting the week around ¥110.50, staying above its four-month trough of ¥110.19 touched on Wednesday.
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Read more:
US dollar weakness to continue due to political gridlock
Silver shaping up to outshine gold in the months ahead
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The yen gained earlier this month after the Bank of Japan (BOJ) trimmed its buying of long-dated government bonds, sparking speculation of an eventual exit from its large stimulus.
Still, many market players expect the BOJ to wait several months, and possibly many more, before tightening its policy, given the country’s inflation is nowhere near its two-percent target.
“I felt the market was trying to look for something that doesn’t exist,” said Bart Wakabayashi, Tokyo Branch manager of State Street Bank and Trust.
The euro stood at US$1.2263, consolidating its rally after having hit a three-year high of $1.2323 on January 17.
Expectations that the European Central Bank (ECB) may withdraw its stimulus gained momentum earlier this month after the accounts of its last policy meeting showed it could shift its policy communication early this year.
But sources have told Reuters the ECB is unlikely to ditch a pledge to keep buying bonds at its upcoming meeting on Thursday.
The British pound hit its post-Brexit referendum high of $1.3992, helped by optimism that Britain will reach a favourable divorce deal with the European Union.
French President Emmanuel Macron said on Saturday Britain would be able to have a bespoke deal with the European Union after Brexit, one of the UK prime minister Theresa May’s objectives.
In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year
Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”
Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners
TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013
The rules on fostering in the UAE
A foster couple or family must:
- be Muslim, Emirati and be residing in the UAE
- not be younger than 25 years old
- not have been convicted of offences or crimes involving moral turpitude
- be free of infectious diseases or psychological and mental disorders
- have the ability to support its members and the foster child financially
- undertake to treat and raise the child in a proper manner and take care of his or her health and well-being
- A single, divorced or widowed Muslim Emirati female, residing in the UAE may apply to foster a child if she is at least 30 years old and able to support the child financially
A MINECRAFT MOVIE
Director: Jared Hess
Starring: Jack Black, Jennifer Coolidge, Jason Momoa
Rating: 3/5
Killing of Qassem Suleimani
Profile of MoneyFellows
Founder: Ahmed Wadi
Launched: 2016
Employees: 76
Financing stage: Series A ($4 million)
Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund
Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
The specs: 2018 Renault Koleos
Price, base: From Dh77,900
Engine: 2.5L, in-line four-cylinder
Transmission: Continuously variable transmission
Power: 170hp @ 6,000rpm
Torque: 233Nm @ 4,000rpm
Fuel economy, combined: 8.3L / 100km
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
States of Passion by Nihad Sirees,
Pushkin Press
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
Brief scores:
Liverpool 3
Mane 24', Shaqiri 73', 80'
Manchester United 1
Lingard 33'
Man of the Match: Fabinho (Liverpool)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
Company%20Profile
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Our legal columnist
Name: Yousef Al Bahar
Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994
Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers
