Wednesday’s trade saw USD/PKR within the range 154.40-154.62. The pair closed 0.06% lower at 154.40, as investor risk appetite seemed to have been revitalized on receding global fears of contagion from a previously unknown coronavirus strain that emerged in China.
The latest reports stated that the Wuhan-originated flu-like virus had already caused 17 deaths, while new cases of infection had risen to more than 470. However, China’s efforts to contain an outbreak have been taken positively by market players.
Meanwhile, on the sidelines of the World Economic Forum in Davos, US President Trump said that developments between Pakistan and India in relation to Kashmir had been watched very closely and that the US was ready to aid, if necessary. Before meeting Pakistani PM Imran Khan, Trump noted that trade and borders were topics of paramount importance for discussion. Khan, on the other hand, said the situation in Afghanistan remained a top priority for his government.
On the macroeconomic front, the monthly report by the National Association of Realtors showed sales of previously owned homes in the United States had increased more than anticipated to a seasonally adjusted annual rate of 5.54 million units in December, or a level not seen since February 2018.
The yield on Pakistan’s 3-year government bonds were last registered at 12.242% on January 22nd, while the yield on Pakistani 10-year bonds were last recorded at 11.306%.
The US Dollar Index was gaining 0.03% to 97.53 in late Asian trade on Thursday.
In terms of economic calendar, today’s market players will consider the weekly report on jobless claims by the US Labor Department at 13:30 GMT. The number of people in the country, who filed for unemployment assistance for the first time during the business week ended January 17th, probably rose to 215 000, according to expectations, from 204 000 in the preceding week. The latter has been the lowest level since the business week ended November 29th 2019. A smaller number of claims would support USD, suggesting labor market strength.
USD/PKR was up 0.10% to 154.56 in late Asian session on Thursday.
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