{"id":95613,"date":"2020-02-06T04:40:42","date_gmt":"2020-02-06T09:40:42","guid":{"rendered":"https:\/\/currencylive.com\/news\/?p=95613"},"modified":"2020-02-06T04:34:02","modified_gmt":"2020-02-06T09:34:02","slug":"102299-usd-pkr-steady-as-dissipating-coronavirus-fears-upbeat-macro-data-support-sentiment","status":"publish","type":"post","link":"https:\/\/currencylive.com\/news\/102299-usd-pkr-steady-as-dissipating-coronavirus-fears-upbeat-macro-data-support-sentiment\/","title":{"rendered":"USD\/PKR Steady as Dissipating Coronavirus Fears, Upbeat Macro Data Support Sentiment"},"content":{"rendered":"

Wednesday\u2019s trade saw USD\/PKR<\/a> within the range 154.30-154.32. The pair closed flat at 154.30, as investor risk sentiment was buoyed by reports of medical breakthroughs in the struggle against Wuhan-originated coronavirus<\/a>.<\/p>\n

In a report, Chinese newspaper Changjiang Daily said that a research team headed by Li Lanjuan, professor at Zhejiang University, had concluded Darunavir and Abidol drugs could inhibit the coronavirus in vitro cell experiments. At the same time, Sky news reported researchers at Imperial College London were about to begin vaccine tests on animals.<\/p>\n

These reports along with strict quarantine measures by the Chinese government and the significant liquidity boost by the Chinese central bank added to optimism the outbreak could be contained, urging investors to trim safe haven bets.<\/p>\n

Meanwhile, on the US macroeconomic front, a report by ADP showed private sector businesses had added 291\u00a0000 new jobs in January or the most since May 2015 and well above market expectations.<\/p>\n

In a separate report, the Commerce Department said US trade deficit had shrunk for the first time since 2013 last year to $616.8 billion. December deficit, however, widened to $48.9 billion from $43.7 billion in November.<\/p>\n

In addition to yesterday\u2019s upbeat data, the ISM said US services sector activity had expanded at the sharpest rate since August in January, as the Non-Manufacturing PMI came in at 55.5 and outstripped a consensus of estimates.<\/p>\n

Wednesday, February 5th<\/sup>, was the Kashmir Solidarity Day national holiday in Pakistan. Local markets remained closed.<\/p>\n

The US Dollar Index was gaining 0.03% to 98.29 in late Asian trade on Thursday, while being close to a two-month high of 98.33.<\/p>\n

In terms of economic calendar<\/a>, today\u2019s 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<\/a> assistance for the first time during the business week ended January 31st, probably dropped to 215 000, according to expectations, from 216 000 in the preceding week. A smaller number of claims would support USD, suggesting healthy labor market.<\/p>\n

At 23:15 GMT Fed\u2019s Vice Chairman for Supervision, Randal Quarles, will speak on Monetary Policy and Economic Outlook at Money Marketers of New York University. Any remarks concerning the bank\u2019s future policy or US macroeconomic environment would heighten USD volatility.<\/p>\n

USD\/PKR<\/a> was inching up 0.01% to 154.31 in late Asian session on Thursday.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

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