Dollar and Sterling Pound Rise as Chinese Stock Markets Tumble
Published on: 11/28/19 10:49 AM
It has been a week of mixed fortunes for currencies and stocks in the world’s major markets following a week of losses across the spectrum. This week, the U.S. Dollar and Sterling Pound have made some gains, but the Chinese stocks have closed on a low note.
Forex broker comparison service FXBrokerFeed brings you news and trends in the FX broker market regarding the recent surge of the U.S. Dollar and Sterling Pound and fall in Chinese stocks.
Good Week for USD and GBP
The WSJ Dollar Index, which compares the U.S. Dollar against 16 other currencies from around the world, showed a rise of 0.2%, up to 91.31, at the close of Wednesday. Financial analysts have attributed this rise to gains made against the yen and notable emerging markets. Some analysts have also attributed it to political uncertainties in other parts of the world where the U.S. has sensitive geopolitical interests.
Elsewhere in the UK, the Sterling Pound performed better than it has been after it closed on a high note on Thursday. The pound rose by 0.2% to $1.2945, which is a break from its recent downfalls. Analysts have attributed the Pound’s gains to the current political prospects of a country rocked by a highly divisive Brexit quagmire. A poll conducted by YouGov suggests that conservatives will win majority in the upcoming General Elections
. This is expected to eliminate the ongoing squabbles about Brexit and bring some stability back to the political and economic scenes.
Chinese Stocks Taking a Beating
Meanwhile, Chinese stocks are taking a beating, and key stocks across Asia may dip too. This is following President Trump’s decision to sign into law two bills designed to back and protect protestors in Hong Kong, which is seeking to break away from mainland China’s control. The ongoing fall has been blamed on the decision by major stock holders to sell large chunks of their stock holdings.
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