The dollar held near a 3-1/2-month high against a basket of currencies on Friday as higher U.S. yields prompted an unwinding of short positions in the currency while the euro was hampered by a dovish tone from the European Central Bank.
The dollar’s index against six major currencies on Thursday hit a high of 91.639, its strongest level since mid-January, as investors have warmed to the greenback thanks to attractive Treasury yields. It last stood at 91.527.
In Japan, the yen was little changed after the central bank’s policy decision at which it kept settings unchanged.
The benchmark 10-year U.S. Treasuries had hit the psychologically important three percent mark on combination of worries about inflation and increased debt supplies as a result of President Donald Trump’s tax cuts and spending plans.
Earlier this year, the correlation between U.S. yields and the dollar had broken down as investors focused more on trade frictions and geopolitical issues, with currencies largely driven by Trump’s tweets than by economic data and yields.
But so far this week, the markets have turned their attention to interest rate plays, pushing concerns over U.S.-China trade on the back burner for now.
In addition, speculators’ net dollar short position in currency futures in Chicago, a closely-watched indicator on market positioning, had hit a 6-1/2-year high, suggesting some short-covering will be due.
“There is an element of positioning unwind underpinning the recent dollar strength... The currencies that had the largest net long positions against the dollar are the ones that have declined the most,” wrote analysts at ANZ wrote.
The euro, in which speculators held record long position, fell to $1.20965 in the previous session, its lowest level since Jan. 12. It last stood at $1.2112, and is down 1.4 per cent on the week.
The common currency slid on Thursday after ECB chief Mario Draghi acknowledged evidence of a “pull-back” from exceptional growth readings seen around the turn of the year, although the central bank sought to bolster expectations for a gradual withdrawal of its monetary stimulus.
The dollar changed hands at 109.17 yen, having risen to a 2-1/2-month high of 109.49 yen earlier in the week. So far this week, it has gained 1.4 per cent.
In the BOJ’s first policy meeting under the new leadership, the central bank dropped a reference to inflation reaching its two percent goal in about two years, however, few see policy implications from this shift in communication.
The yen’s weakness is likely to reflect expectations of yen-selling as drugmaker Takeda Pharmaceutical is pushing to buy London-listed Shire in a $64 billion deal, which would be the biggest Japanese acquisition of a foreign company.
That amount is about twice the size of Japan’s annual trade surplus, although it is not clear how Takeda will finance the deal.
“Given the May 8 deadline of the deal, you would need to be really courageous to go long on the yen until then,” said Yukio Ishizuki, senior strategist at Daiwa Securities.
In contrast, the pound has been relatively well-supported. It last stood at $1.3930, down 0.5 per cent so far this week.
Against the yen, it was fetching 152.14 yen, up 0.9 per cent this week.
Elsewhere, the Australian dollar hit a 4-1/2-month low of $0.7539.
Know before you go
- Jebel Akhdar is a two-hour drive from Muscat airport or a six-hour drive from Dubai. It’s impossible to visit by car unless you have a 4x4. Phone ahead to the hotel to arrange a transfer.
- If you’re driving, make sure your insurance covers Oman.
- By air: Budget airlines Air Arabia, Flydubai and SalamAir offer direct routes to Muscat from the UAE.
- Tourists from the Emirates (UAE nationals not included) must apply for an Omani visa online before arrival at evisa.rop.gov.om. The process typically takes several days.
- Flash floods are probable due to the terrain and a lack of drainage. Always check the weather before venturing into any canyons or other remote areas and identify a plan of escape that includes high ground, shelter and parking where your car won’t be overtaken by sudden downpours.
Europe’s rearming plan
- Suspend strict budget rules to allow member countries to step up defence spending
- Create new "instrument" providing €150 billion of loans to member countries for defence investment
- Use the existing EU budget to direct more funds towards defence-related investment
- Engage the bloc's European Investment Bank to drop limits on lending to defence firms
- Create a savings and investments union to help companies access capital
From Zero
Artist: Linkin Park
Label: Warner Records
Number of tracks: 11
Rating: 4/5
Expo details
Expo 2020 Dubai will be the first World Expo to be held in the Middle East, Africa and South Asia
The world fair will run for six months from October 20, 2020 to April 10, 2021.
It is expected to attract 25 million visits
Some 70 per cent visitors are projected to come from outside the UAE, the largest proportion of international visitors in the 167-year history of World Expos.
More than 30,000 volunteers are required for Expo 2020
The site covers a total of 4.38 sqkm, including a 2 sqkm gated area
It is located adjacent to Al Maktoum International Airport in Dubai South
Two products to make at home
Toilet cleaner
1 cup baking soda
1 cup castile soap
10-20 drops of lemon essential oil (or another oil of your choice)
Method:
1. Mix the baking soda and castile soap until you get a nice consistency.
2. Add the essential oil to the mix.
Air Freshener
100ml water
5 drops of the essential oil of your choice (note: lavender is a nice one for this)
Method:
1. Add water and oil to spray bottle to store.
2. Shake well before use.
match info
Union Berlin 0
Bayern Munich 1 (Lewandowski 40' pen, Pavard 80')
Man of the Match: Benjamin Pavard (Bayern Munich)
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More from Neighbourhood Watch:
Milestones on the road to union
1970
October 26: Bahrain withdraws from a proposal to create a federation of nine with the seven Trucial States and Qatar.
December: Ahmed Al Suwaidi visits New York to discuss potential UN membership.
1971
March 1: Alex Douglas Hume, Conservative foreign secretary confirms that Britain will leave the Gulf and “strongly supports” the creation of a Union of Arab Emirates.
July 12: Historic meeting at which Sheikh Zayed and Sheikh Rashid make a binding agreement to create what will become the UAE.
July 18: It is announced that the UAE will be formed from six emirates, with a proposed constitution signed. RAK is not yet part of the agreement.
August 6: The fifth anniversary of Sheikh Zayed becoming Ruler of Abu Dhabi, with official celebrations deferred until later in the year.
August 15: Bahrain becomes independent.
September 3: Qatar becomes independent.
November 23-25: Meeting with Sheikh Zayed and Sheikh Rashid and senior British officials to fix December 2 as date of creation of the UAE.
November 29: At 5.30pm Iranian forces seize the Greater and Lesser Tunbs by force.
November 30: Despite a power sharing agreement, Tehran takes full control of Abu Musa.
November 31: UK officials visit all six participating Emirates to formally end the Trucial States treaties
December 2: 11am, Dubai. New Supreme Council formally elects Sheikh Zayed as President. Treaty of Friendship signed with the UK. 11.30am. Flag raising ceremony at Union House and Al Manhal Palace in Abu Dhabi witnessed by Sheikh Khalifa, then Crown Prince of Abu Dhabi.
December 6: Arab League formally admits the UAE. The first British Ambassador presents his credentials to Sheikh Zayed.
December 9: UAE joins the United Nations.
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The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
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Cryopreservation: A timeline
- Keyhole surgery under general anaesthetic
- Ovarian tissue surgically removed
- Tissue processed in a high-tech facility
- Tissue re-implanted at a time of the patient’s choosing
- Full hormone production regained within 4-6 months
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
The Bio
Favourite vegetable: “I really like the taste of the beetroot, the potatoes and the eggplant we are producing.”
Holiday destination: “I like Paris very much, it’s a city very close to my heart.”
Book: “Das Kapital, by Karl Marx. I am not a communist, but there are a lot of lessons for the capitalist system, if you let it get out of control, and humanity.”
Musician: “I like very much Fairuz, the Lebanese singer, and the other is Umm Kulthum. Fairuz is for listening to in the morning, Umm Kulthum for the night.”
The specs
Engine: 4.0-litre flat-six
Torque: 450Nm at 6,100rpm
Transmission: 7-speed PDK auto or 6-speed manual
Fuel economy, combined: 13.8L/100km
On sale: Available to order now
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
