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The yen was poised for its strongest week in nearly three months on Friday as traders unwound their long-held bets against the frail currency ahead of crucial U.S. inflation data that could cement rate cut expectations. The yen has dominated the currency markets this month, surging to a near three-month high of 151.945 per dollar on Thursday after starting the month languishing at 38-year lows of 161.96 per dollar. The large move follows suspected interventions from Tokyo in early July ...
Yen heads for strongest week in 3 months as carry trades unwind
The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April. Regional stocks took their cues from Wall Street, where the S&P 500 and tech-heavy Nasdaq slipped further after Wednesday's frenetic selling. MSCI's broadest index of Asia-Pacific shares fell 0.55% on Friday, extending the 1.88% tumble from the previous day. Taiwan's stock benchmark slumped 3.3...
Yen steady, Asian stocks weak as wild week winds down
Asian shares were hammered on Thursday as a slump in global tech stocks sent investors fleeing into less risky assets, including short-dated bonds, the yen and Swiss franc. Chinese stocks were given little support after the country's central bank sprang a surprise cut in longer-term rates, adding to a recent rush of stimulus measures. The sell-off in stocks saw investors ramp up bets on rate cuts globally, with futures implying a 100% chance of a Federal Reserve easing in September....
Tech slump knocks Asia shares, yen towers at 2-1/2-month peak
The yen rose to its strongest level against the dollar in 2-1/2 months on Thursday and scaled multi-month highs against other currencies ahead of next week's Bank of Japan (BOJ) meeting, as yen carry trades unwound and risk appetite soured. The dollar, euro, sterling and other major currencies slumped more than 1% against the yen by the mid-morning in Asia, before paring some of those losses. Analysts attributed the yen's surge to the abandoning of short yen bets in the run up to t...
Yen rises sharply as carry trades unwind, risk mood sours
The dollar rose in jittery trading on Friday, as a worldwide cyber outage that hit banks, airlines and broadcasters unsettled investors, although volatility in the currency market remained contained. Signs of disruption in one of the world's busiest financial centres emerged as London trade got underway. LSEG Group, which runs the London Stock Exchange, suffered an outage that affected user access to some of its products. By around midday in Europe, the company said its services had be...
Dollar set for weekly gain, cyber outage unnerves investors
Asian shares are set to end the week on a sour note, as uncertainty across the geopolitical landscape and in major economies added to headwinds for investors even as the global rate easing cycle gets under way. It has been a turbulent week in markets, with a tech sell-off sparked by deepening Sino-U.S. trade tensions, uncertainty over U.S. President Joe Biden's fate in the presidential race, disappointing Chinese economic data and a lacklustre third plenum outcome casting a shadow over...
Asia stocks fall on tech rout contagion, global uncertainty
Japan's yen scaled a six-week high on Thursday, spurring speculation of an official push, while the dollar nursed broad losses as markets prepared for U.S. rate cuts in a few months. The euro, which scaled a four-month peak overnight, hovered near that level at $1.094 and sterling was steady at $1.3007, just below the one-year top it had made in overnight trade. The yen gained sharply on Wednesday and was up another 0.5% to touch 155.37 per dollar in the otherwise quiet early hours ...
Yen spikes as spectre of intervention spooks investors
The dollar hung around five-week lows on Tuesday as comments from Federal Reserve Chair Jerome Powell bolstered the case for a rate cut in September, while cryptocurrenices gained on rising odds of former President Donald Trump getting reelected. Powell said on Monday the three U.S. inflation readings over the second quarter of this year "add somewhat to confidence" that the pace of price increases is returning to the Fed's target in a sustainable fashion. "We've ...
Dollar drifts as Powell comments bring September rate cut in focus
The yen eased on Friday as investors remained nervous after a sharp surge in the previous session following data that showed U.S. consumer prices unexpectedly dropped, with speculation swirling that Tokyo had intervened in the currency market. The Japanese currency, which has been languishing around 38-year-lows, swung between gains and losses in early volatile trading in Asian hours before drifting slightly weaker. It was last down 0.19% at 159.08 per dollar. It had spiked nearly 3% to...
Yen keeps markets on edge as intervention risks swirl
The dollar fell a touch on Thursday although moves were largely subdued ahead of a U.S. inflation report due later in the day, while sterling firmed on receding expectations for an August rate cut from the Bank of England (BoE). The British pound rose to a one-month high of $1.28545 in early Asia trade, extending a 0.48% gain from the previous session after comments from BoE policymakers caused markets to scale back bets for an easing cycle to begin next month. BoE Chief Economist Huw P...
Dollar adrift ahead of US inflation test; sterling firms
The dollar remained on the back foot on Wednesday after dovish comments from Federal Reserve Chair Jerome Powell sent U.S. bond yields lower, overshadowing a strong domestic jobs report. The euro held firm, helped by a stubbornly high local inflation reading on Tuesday. Sterling was steady ahead of Thursday's U.K. election. However, the yen continued to languish close to a 38-year low versus the dollar, amid the increased possibility of a second Donald Trump presidency, which could ...
Dollar on the defensive amid lower yields, yen hovers near 38-year trough
The euro rose on Monday after the first round of France's snap election put the far-right in pole position, though by a smaller margin than projected, while a downgrade to Japan's first-quarter growth figures knocked the yen lower. Marine Le Pen's far-right National Rally (RN) party won the first round of France's parliamentary elections on Sunday, exit polls showed, although analysts noted the party won a smaller share of the vote than some polls had initially projected. ...
Euro rises after France's first-round vote, yen struggles
The yen languished near a 38-year low on Thursday and struggled on the weaker side of 160 per dollar, keeping markets on alert for any signs of intervention from Japanese authorities to prop up the currency. In the broader market, the dollar was on the front foot and stood near an eight-week high against a basket of currencies, helped in part by a weaker yen and as it rose in step with U.S. Treasury yields. The yen edged a marginal 0.1% higher to 160.63 per dollar in the early Asi...
Battered yen pinned near multi-decade low amid resilient dollar
The battered yen languished near the 160 per dollar level on Tuesday and kept traders on high alert for any intervention from Japanese authorities to prop up the currency, while the greenback edged a touch higher in the broader market. Bitcoin was nursing losses after clocking its worst day in over two months at the start of the week, in part due to flows out of bitcoin exchange-traded funds (ETFs), analysts said. The dollar was last 0.04% higher at 159.64 yen, just a whisker away from ...
Dollar flirts with key 160 yen level as intervention risk looms
The dollar was steady on Monday as traders looked ahead to fresh clues on the U.S. inflation path that will likely influence interest rates, while talk from Japanese authorities did little to temper the yen's decline back the round number of 160. The yen weakened to 159.94 per dollar in early trade on Monday, its lowest since April 29, when the yen touched a 34-year low of 160.245 leading to Japanese authorities spending some 9.8 trillion yen to support the currency. It was last at ...
Dollar steady ahead of inflation reading; yen teeters toward 160
The dollar touched an eight-week high above 159 yen on Friday and traded at its highest in nearly five weeks against sterling, with the Federal Reserve's patient approach to cutting interest rates contrasting with more dovish stances elsewhere. The dollar index, which measures the currency against six others, spiked 0.41% overnight, erasing declines for the week, following a second successive rate cut at the Swiss National Bank and hints from the Bank of England for a reduction in Augu...
Dollar holds firm as Fed seen less dovish than peers
Asian stocks took a breather on Thursday, hovering near their highest in two years as traders waited for more U.S. policy clues, while sterling was steady before a Bank of England meeting where rates are expected to remain unchanged. Apart from the BoE, investors will also watch out for central bank decisions from Switzerland and Norway on Thursday to set the tone for global rates outlook. MSCI's broadest index of Asia-Pacific shares outside Japan was little changed at 572.97,...
Asian stocks hold on to gains; BoE in focus
The dollar was nursing losses on Wednesday after soft U.S. retail sales data reinforced bets of imminent Federal Reserve rate cuts, while sterling eased a touch ahead of a reading on UK inflation due later in the day. Figures released on Tuesday showed U.S. retail sales barely rose in May and data for the prior month was revised considerably lower, suggesting that economic activity remained lacklustre in the second quarter. That knocked the greenback lower in the immediate aftermath, th...
Dollar steadies; sterling dips ahead of inflation test
The dollar was firm on Monday as the euro hovered near a more than one-month low amid continued concerns about the political outlook in Europe. The yuan held close to a multi-month low after China released a slew of economic data that pointed to an uneven recovery in the world's second-largest economy. The euro was nearly flat at $1.0701, picking up somewhat after falling to its lowest since May 1 at $1.06678 on Friday. The currency also logged its biggest weekly decline since April...
Dollar firm as euro wallows; yuan brushes aside China data
Asian share markets were mostly softer on Monday as mixed Chinese economic news underlined the country's bumpy recovery, while political uncertainty in Europe soured risk appetites and kept the euro on the defensive. Chinese blue chips were off 0.2% after retail sales topped forecasts by rising 3.7% in May, but industrial output and fixed-asset investment both underwhelmed. Other data showed home prices fell at the fastest pace in a decade in May, highlighting the continued strains ...
Asia shares muted on mixed China data, euro pressure
Below the Quote on Coming Week Market Outlook from Alex Volkov, Market Analyst at VT Markets. China kicks off the week on Monday, June 17th, with the release of its economic data at 10 am SGT. The reports on Fixed Asset Investment, Industrial Production, and Retail Sales will be under close scrutiny. Recent data from China has painted a mixed picture, showing a stronger recovery in external demand but weak domestic consumption. Expectations are that Industrial Produc...
Quote on Coming Week Market Outlook from Alex Volkov, Market Analyst at VT Markets
Japanese shares rose, outperforming weaker Asian markets, and the yen fell broadly after the Bank of Japan said it would start trimming its huge bond purchases in the future, dashing some bets that it would begin the process sooner. Tokyo's Nikkei reversed course to trade 0.7% higher, while the yen slumped to a 1-1/2-month low of 157.98 per dollar, after Japan's central bank kick started its slow but steady retreat from its massive monetary stimulus. While the BOJ said it will c...
Japanese stocks rise, yen slides after BOJ's cautious stance
The yen fell to an over one-month low on Friday after the Bank of Japan (BOJ) stood pat on rates and said it would trim bond buying in the future, while the euro, mired in political turmoil, was headed for a weekly loss. Defying market expectations, the BOJ said at the conclusion of its two-day policy meeting it would continue to buy government bonds at the current pace and would only lay out details of its tapering plan for the next one to two years at its July policy meeting. Markets ...
Yen falls after dovish BOJ; euro limps towards weekly loss
Asian currencies were firm on Thursday against a dollar knocked by softer-than-expected U.S. inflation, save for the yen which remained squeezed ahead of a Bank of Japan meeting and as U.S. policymakers signalled rates would be kept high for a while yet. Overnight the euro went up 0.6% and punched above its 200-day moving average, last buying $1.0811. The Aussie dollar rose 0.9% to $0.6662 and the New Zealand dollar leapt to a five-month high above $0.62 before settling at $0.6183. The yen...
Dollar slips on cooler US inflation; yen fragile ahead of BOJ
The dollar steadied on Wednesday after hitting a four-week high against peer currencies overnight as market players awaited key U.S. inflation data and the Federal Reserve's updated interest rate projections due later in the day. Ahead of those crucial events, markets got a fresh check on the state of China's economy. Data showed consumer inflation rose at a steady pace in May, while producer price declines narrowed slightly, adding to signs that government efforts to prop up th...
Dollar calm ahead of inflation test, Fed decision
The dollar hovered near a one-month peak against the euro and pushed to a one-week high versus the yen on Tuesday as traders braced for crucial U.S. inflation data and fresh Federal Reserve interest rate forecasts the following day. The U.S. currency was supported by higher Treasury yields in the aftermath of surprisingly robust domestic jobs data at the end of last week, which sparked a dramatic paring of bets for Fed rate cuts this year. The Bank of Japan sets policy on Friday, and wh...
Dollar firm ahead of key inflation test, Fed forecast update
Asian stocks traded in a narrow range on Tuesday, as investors pondered fresh political uncertainty in European markets after right-wing gains in elections and a snap poll in France revived concerns about the cohesion of the bloc. Moves were modest, with MSCI's broadest index of Asia-Pacific shares outside Japan dipping 0.4% in thin trade, with Chinese blue chips off 0.7%. Going the other way, Japan's Nikkei firmed 0.3% and South Korea stocks rose 0.5%. EUROSTOXX 50 futures a...
Asia stocks range-bound as EU politics adds new risks
The euro fell on Monday as the French President Emmanuel Macron called a shock election after being trounced in the European Union vote by the far-right, while the dollar was steady ahead of the Federal Reserve meeting later in the week. The euro fell to $1.0764, its lowest since May 9, in early trading in Asia. It was last down 0.24% at $1.0776 as investors weighed the implications of renewed political uncertainty in the euro zone's second-biggest economy in a key election year. Eu...
Euro slips to one-month low as Macron calls French election
Asian stocks sank on Monday as traders heavily pared back on bets for Federal Reserve rate cuts this year given a still-tight U.S. labour market, while a snap election call in France sparked wider political concerns and weighed on the euro. Trading was thinned in Asia with Australia, China, Hong Kong and Taiwan out for public holidays, but MSCI's broadest index of Asia-Pacific shares outside Japan still slumped 0.46%. U.S. futures eased slightly, with S&P 500 futures and Nasdaq ...
Asia shares stumble; political uncertainty grips euro
Oil prices nudged lower for a second straight session on Monday, weighed down by a firmer dollar as expectations of interest rate cuts were pushed out further following strong U.S. jobs data on Friday. Brent crude futures and U.S. West Texas Intermediate crude futures slipped 4 cents to $79.58 and $75.49 a barrel, respectively, by 0036 GMT. On Friday, data showed the U.S. added more jobs than expected last month, leading investors to trim expectations for rate cuts and causing the dolla...
Oil slips on dollar's strength from US jobs data
The dollar hovered around eight-week lows on Friday ahead of a crucial U.S. jobs report that could give investors a better idea of when the Federal Reserve might start cutting interest rates. The euro held on to overnight gains after the European Central Bank cut rates in a well-telegraphed move, but offered few hints about the outlook for monetary policy given that inflation is still above target. The U.S. dollar index, which tracks the currency against the euro and five other major ri...
Dollar clings to 8-week low ahead of payrolls test
Asian shares gained on Thursday on rising expectations the U.S. Federal Reserve will likely cut interest rates in September, while the euro advanced ahead of the European Central Bank policy meeting where a rate cut is widely expected. The shifting Fed expectations lifted oil prices and dragged Treasury yields to their lowest in two months after data this week hinted the U.S. labour market was easing. MSCI's broadest index of Asia-Pacific shares outside Japan was 1.14% higher, led b...
Asia stocks rally as rate cut bets gather momentum; ECB in focus
The dollar steadied on Wednesday, ahead of key U.S. economic data and a monetary policy meeting in Canada that traders have bet will set off a rate-cutting cycle for some of the world's biggest economies. Investors await U.S. services data on Wednesday and more job figures later in the week. The greenback has languished at an almost two-month low as signs of a softening U.S. economy on Monday boosted the case for earlier Federal Reserve interest rate cuts. The Bank of Canada meet...
Dollar edges up ahead of key data, Bank of Canada policy meeting
The dollar languished at its lowest since April against the euro and sterling on Tuesday as signs of a softening U.S. economy boosted the case for earlier Federal Reserve interest rate cuts. The U.S. currency wallowed near a two-week trough to the yen after data showed a second straight month of slowdown in manufacturing activity and an unexpected decline in construction spending. Following the data, fed funds futures increased the chances of a rate cut in September to around 59.1%, acc...
Dollar wallows at multi-month lows as Fed cut bets grow
The Reserve Bank of India (RBI) has shifted around 100 tonnes of its gold kept in bank vaults in the UK to its own vaults in India in a move aimed at saving storage costs, according to media reports. This is the first time since 1991 that India has undertaken such a large-scale overseas transfer of gold reserves. Economist Sanjeev Sanyal, a member of the PM’s Economic Advisory Council, said, "While no one was watching, RBI has shifted 100 tonnes of its gold reserves back to I...
RBI shifts 100 tonnes of gold from vaults in UK to India
Asian stocks rose on Friday and were poised for the fourth month of gains, while the dollar drifted lower, keeping the yen steady as investors await inflation readings from Europe and the U.S. that will likely dictate the path of interest rates globally. A downward revision to consumer spending meant the U.S. economy grew more slowly than expected in the first quarter, data showed on Thursday, weighing on Treasury yields and the dollar. [FRX/] [US/] The economic data also stoked expecta...
Asia stocks gain, dollar drifts as inflation tests await
The dollar soared to a two-week high against its major peers on Thursday, as a rout in Treasuries improved the currency's allure due to both higher U.S. yields and demand for safe haven assets. The dollar pushed to a two-week top versus the euro and extended its rebound from a more than two-month low to sterling following a two-day, 15-basis point jump above 4.6% for long-term Treasury yields after more robust U.S. economic data and some poorly received bond auctions. The bond...
Dollar ascendant as surging US yields spur demand for safe havens
Asian stocks were a sea of red on Thursday and bonds slid on bets global interest rates would stay higher for longer, as investors looked to key inflation readings at the end of the week for further clues on the future path of monetary policy. The dollar rode U.S. Treasury yields higher while gold remained under pressure on renewed expectations that the Federal Reserve is unlikely to cut rates any time soon. The latest halt in the global risk rally has come on the back of data pointing ...
Stocks, bonds slump over global rates angst
The dollar waned on Tuesday following a slight pick up in risk appetite, but it held tight ranges against its peers ahead of key inflation data from major economies this week that markets are looking to for guidance on the global interest rate outlook. Currency moves were largely subdued in early Asia hours after a quiet overnight session due to holidays in Britain and the United States, but the overall mood was positive with world shares firming. The euro was a touch firmer at $1.0860 ...
Dollar ebbs as markets await key global inflation reports
Asian shares firmed on Monday as investors braced for a busy run of inflation data that could set the scene for a European rate cut as soon as next week and a U.S. policy easing within just a few months. Holidays in Britain and the United States made for thin trading ahead of Friday's figures on core personal consumption expenditures (PCE), the Federal Reserve's preferred measure of inflation. Median forecasts are for a rise of 0.3% in April, keeping the annual pace at 2.8%, wit...
Asia shares nudge higher as US, EU inflation data loom
Asian stocks fell on Friday, while the dollar advanced as strong U.S. economic data bolstered the prospect of interest rates staying higher for longer and the Federal Reserve taking its time in cutting rates, keeping investors away from risky assets. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.5% and was on course for a 1% weekly decline, snapping its four-week winning streak. Japan's Nikkei fell 1.45%. China stocks were little changed in early trading, wit...
Asian stocks fall, dollar rises as rate cut wagers waver
Asian stocks inched lower on Friday as traders pondered the near term U.S. monetary policy path after Federal Reserve officials suggested that interest rates may need to stay higher for longer even as inflation shows early signs of easing. Data on Wednesday showed cooling U.S. consumer price inflation, prompting markets to swiftly price in at least two rate cuts this year but the excitement soon fizzled out as the latest report showed the labour market remains tight, while central bankers ...
Asian stocks ease on uncertainty over timing of U.S. rate cuts
The dollar traded near a one-month low versus the euro on Wednesday amid lower Treasury yields as traders braced for a key U.S. inflation report later in the day that could dictate the path of Federal Reserve policy. The yen languished near a two-week low, as a still-gaping yield gap between local bonds and U.S. peers continued to encourage selling of the Japanese currency. The yuan slid to a two-week low versus the dollar after U.S. President Joe Biden unveiled steep tariff increases o...
Dollar droops ahead of crucial CPI test; yen under pressure
Asian stocks rose on Wednesday while the dollar drifted lower as traders weighed mixed U.S. producer price data and braced for the crucial consumer price report later in the day that is likely to influence the Federal Reserve's near-term policy path. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.38%, scaling a fresh 15-month high earlier in the session. Japan's Nikkei gained 0.58%. Data overnight showed U.S. producer prices increased more than expected in...
Stocks rise, dollar drifts ahead of US inflation report
The dollar was steady on Tuesday as investors awaited an inflation report this week that will likely shape the U.S. rates outlook, while the yen was hovering near a two-week low, stoking intervention worries. The currency market has been sedate this week, with investors seeking to gauge what the path the Federal Reserve will take this year in the wake of recent softer-than-expected U.S. labour market data and comments from central bankers. They have had to dial back their expectations o...
Dollar drifts as traders eye US inflation data; frail yen in focus
Asian share markets made a cautious start on Monday in a week where inflation figures could make or break hopes for earlier U.S. rate cuts, while Chinese activity data will test optimism about a sustained recovery in the world's No. 2 economy. Beijing has already reported a welcome pickup in inflation to an annual 0.3% in April, helping to soothe worries about a slide into prolonged deflation. Forecasts favour further gains in April retail sales and industrial output due on Friday. ...
Asia stocks brace for US inflation test, China data
Asian stocks rose on Friday, on course for a third week of gains, while the dollar was on the back foot as fresh signs of an easing U.S. labour market stoked optimism around interest rate cuts this year ahead of next week's crucial inflation data. Sterling was steady at $1.2515, having touched over two-week low of $1.2446 on Thursday after Bank of England (BoE) paved the way for the start of rate cuts as soon as next month. MSCI's broadest index of Asia-Pacific shares outside Ja...
Asia stocks rally on renewed global rate cut optimism
The dollar held tight ranges against most peers on Thursday as traders awaited key U.S. inflation data for cues on Federal Reserve policy, while the focus on the massive interest rate gap between Japan and the U.S. helped it make some gains on the yen. Against the Japanese yen, the dollar slowly inched up after it fell more than 3% last week, its biggest weekly percentage drop since early December 2022. The yen received a slight boost in the Asian morning following the release of the Ba...
Dollar holds its ground as key inflation data looms
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