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US dollar stages comeback as tech stocks recover
Evidence tier: A1 Evidence type: Auto-discovered official publication Source: Convera Company News Official publication date: 2026-07-21 Captured: 2026-07-22T15:52:38.833Z
Greenback nears highs
The US dollar strengthened overnight, boosted by a sharp recovery in technology stocks, with the tech-focused Nasdaq rising 1.3%. Globally, technology stocks, notably out of South Korea, have recently been pressured.
The USD index gained 0.3%, with the benchmark measure of US dollar strength remaining in a clear uptrend. Key moving averages are pointing higher, and the market is less than 1.0% away from 14-month highs.
AUD/USD pulled back from one-month highs, with the pair ending the day flat.
NZD/USD fell 0.2% as it retreated from six-week highs.
JPY plunges as USD/JPY breaks 163.00
In Asia, the Japanese yen weakened further, with USD/JPY rising 0.4% to trade above 163.00. The JPY was weaker across most other markets.
Japan’s Government Pension Investment Fund (GPIF) has reportedly committed JPY20bn to a Japan-focused private equity fund, according to Bloomberg.
While modest in size, the investment may signal a broader push by policymakers to encourage pension funds to allocate more capital to domestic financial assets.
Across APAC FX, regional currencies mostly weakened against the US dollar, although the Chinese yuan gained.
The Singapore dollar edged lower, with USD/SGD trading about 3% above its 28 January low of 1.2586. Initial support is at the 50-day EMA of 1.2876, followed by the 100-day EMA at 1.2845. Resistance is near the psychological 1.2950 level.
China steps up support for stocks
Chinese authorities moved to bolster confidence after leaders from the NDRC and CSRC met on Monday to discuss market stability.
Adding to the support, four major insurers, Ping An, China Life, China Pacific Insurance and New China Life, reaffirmed their confidence in China’s stock market and backed greater long-term investment in shares. These coordinated efforts could help improve sentiment and keep Hong Kong and mainland Chinese markets ahead of regional peers in the near term.
In FX, USD/CNH is at a one-month low, with the US dollar weakening against the Chinese yuan.
USD/CNH remains near a three-year low on a longer-term basis.
A break above the 21-day EMA at 6.7824 could target the 50-day EMA at 6.7933. Support stands at the key 6.7600 level. Elsewhere, EUR/CNH and SGD/CNH are both trading at one-week lows.
USD back near highs
Table: seven-day rolling currency trends and trading ranges
Key global risk events
Calendar: 20 – 24 July
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*The FX rates published are provided by Convera’s Market Insights team for research purposes only. The rates have a unique source and may not align to any live exchange rates quoted on other sites. They are not an indication of actual buy/sell rates, or a financial offer.
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