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Dollar soft as China reopening hopes boost risk sentiment
  + stars: | 2022-12-05 | by ( )   time to read: +2 min
SINGAPORE, Dec 5 (Reuters) - The dollar struggled to gain a foothold on Monday and was languishing at five-month lows as traders looked past stronger than anticipated U.S. jobs data, while growing hopes of China reopening boosted risk sentiment. The dollar index , which measures the currency against six major peers including the yen and euro, was down 0.18% at 104.28, its lowest since June 28. "With limited data to drive this week and no Fed speakers, the market may start to think for itself and look at massaging exposures ahead of next week," Weston added. Also, weighing on the dollar was growing hopes of China slowly reopening, with more Chinese cities announcing an easing of coronavirus curbs on Sunday. The Japanese yen weakened 0.11% versus the greenback at 134.46 per dollar, having gained 3.5% on the greenback last week.
Dollar wobbles as inflation ebbs, eye on jobs data
  + stars: | 2022-12-02 | by ( Ankur Banerjee | )   time to read: +2 min
Investors now turn their attention to nonfarm payrolls data on Friday for clues about how rate hikes have affected the labour market. Futures traders are now pricing for the Fed's benchmark rate to peak at 4.87% in May, up from 3.83% now. Meanwhile, the dollar was 0.05% lower at 135.25 yen , having slipped as low as 135.045 yen earlier - the lowest since Aug. 18. The euro down 0.1% to $1.0512, after gaining 1% overnight, while sterling was last trading at $1.2237, down 0.13% on the day. Reporting by Ankur Banerjee in Singapore; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.
Marketmind: Stop making sense
  + stars: | 2022-12-01 | by ( )   time to read: +2 min
[1/4] The Federal Reserve building is seen in Washington, U.S., January 26, 2022. "It makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down," Powell said. Perhaps not, but markets are moving ahead with an assumption we're nearly there. European futures indicate stocks in the region will spike higher, tracking Asian equities, which were tracking Wall Street. "To promote wage growth, the BOJ needs to patiently maintain its current monetary easing."
SINGAPORE, Dec 1 (Reuters) - Asian equities jumped on Thursday, while the dollar slid as investors poured into risky assets after Federal Reserve Chair Jerome Powell opened the door to a slowdown in the pace of monetary tightening. Powell's comments at the Brookings Institution in Washington sent Wall Street equities soaring, while the U.S. dollar and Treasury yields fell. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) jumped 2% in early Asian trade. The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 5.2 bps at 4.321%. In commodity markets, gold prices climbed to a two-week high in early Asian trade on Thursday.
No spot bitcoin ETFs approved so far - U.S. SEC official
  + stars: | 2022-11-30 | by ( )   time to read: +1 min
"We've had a number of applications ... none of those have been approved to date," said Uyeda, who was in Singapore to speak at the ICI Global Asset Management Asia Forum. Earlier this month, the SEC delayed a decision on whether to allow a spot bitcoin ETF by stock-picker Cathie Wood's Ark Invest and crypto investment product firm 21Shares US to list and trade on Cboe Global Markets until Jan. 27. The regulator has rejected over a dozen spot bitcoin ETF applications, and approved several bitcoin futures-based ETFs. The rejections have focused on applicants' lack of surveillance-sharing agreements with regulated markets relating to the spot funds' underlying assets. Uyeda added that the SEC continues to consider applications filed by exchanges "as they come up".
"As long as the Fed see a stronger labour market, they don't have a big concern about tightening," Christensen said. The dollar index , which measures the greenback against six major peers, was down 0.2% at 105.75, after sliding 1.1% on Wednesday. The euro held onto gains after the account of the European Central Bank's October meeting showed policymakers feared that inflation may be getting entrenched, justifying their outlook for further rate hikes. Meanwhile, billionaire investor Bill Ackman said he's betting the Hong Kong dollar will fall and that its peg to the U.S. dollar could break. The Japanese yen was one of the strongest gainers among major currencies, climbing 0.9% against the dollar to 138.285.
LONDON, Nov 24 (Reuters) - The U.S. dollar held onto losses on Thursday after the minutes from the Federal Reserve's November meeting supported the view that the central bank would downshift and raise rates in smaller steps from its December meeting. "As long as the Fed see a stronger labour market, they don't have a big concern about tightening," Christensen said. The dollar index , which measures the greenback against six major peers, was little changed at 105.93, after sliding 1.1% on Wednesday. The euro was up 0.3% against the Swedish krone after Sweden's Riksbank raised rates by 75 basis points, in line with expectations in a Reuters poll. The Japanese yen was one of the strongest gainers among major currencies against the dollar, climbing 0.6% to 138.77.
The eagerly awaited readout of the Nov. 1-2 Fed meeting showed officials were largely satisfied they could now move in smaller steps. The dollar index , which measures the greenback against six major peers, was down 0.14% at 105.75, after sliding 1% overnight. The minutes also showed an emerging debate within the Fed over the risks that rapid policy tightening could pose to economic growth and financial stability. Rising coronavirus cases have led Chinese cities to impose more curbs, increasing investor worries about the economy and putting a lid on risk appetite. The Australian dollar rose 0.25% to $0.675, while the kiwi was 0.17% higher at $0.6255.
The eagerly awaited readout of the Nov. 1-2 Fed meeting showed officials were largely satisfied they could now move in smaller steps. The dollar index , which measures the greenback against six major peers, was down 0.066% at 105.830, after sliding 1% overnight. The minutes also showed an emerging debate within the Fed over the risks that rapid policy tightening could pose to economic growth and financial stability. The Australian dollar rose 0.25% versus the greenback at $0.675, while the kiwi was 0.26% higher at $0.625. The Japanese yen strengthened 0.54% versus the greenback to 138.84 per dollar.
Morning Bid: On the fence
  + stars: | 2022-11-23 | by ( Steve Scherer | David Ljunggren | )   time to read: +2 min
The market has been looking, almost clamouring, for signs of slowdown in the pace of interest rate hikes. And so, the dollar remains on guard, Asian equities mostly tracked Wall Street gains and gold stayed flat . The tentativeness among investors is in stark contrast with the soccer world, which remains in shock after Saudi Arabia came from behind to beat Lionel Messi's Argentina in the World Cup. The central bank warned the economy might have to spend an entire year in recession to bring inflation under control. The first bankruptcy hearing for FTX showed that the collapsed crypto exchange has been the subject of cyberattacks and had "substantial" assets missing.
SINGAPORE, Nov 21 (Reuters) - The U.S. dollar started the week on the front foot, boosted by defensive buying as investors remained on edge following a spike in COVID-19 cases in some cities in China that prompted officials to tighten restrictions. Hawkish comments from the Federal Reserve officials have helped the safe-haven dollar stabilise after its sharp dive earlier in November. Meanwhile, cryptocurrencies remained under pressure, with bitcoin down 0.3% to $16,205.00, while Ether also shed 0.3%. The Japanese yen weakened 0.04% versus the greenback at 140.42 per dollar. The Australian dollar fell 0.25% versus the greenback at $0.665, while the kiwi was down 0.21% at $0.614.
"The softer inflation data took some wind out of the dollar's sails," said Joe Manimbo, senior market analyst at Convera in Washington. "The dollar is steadier because we're having this residual, geopolitical skittishness as well as signs of a fairly sturdy U.S. economic backbone in the forms of U.S. retail sales." Retail sales rose 1.3% in October, more than the 1.0% increase that economists polled by Reuters had forecast. The dollar briefly pared losses on release of the retail sales data, but later fell against the euro to trade little changed against major currencies. Yields fell further on the market's benign inflation outlook.
Poland missile relief dents dollar; stocks retreat
  + stars: | 2022-11-16 | by ( Amanda Cooper | )   time to read: +3 min
REUTERS/Dado Ruvic/IllustrationLONDON, Nov 16 (Reuters) - Global stocks eased from two-month highs on Wednesday while the safe-haven dollar fell, after Poland's president said a missile that hit his country was probably a stray Ukrainian defence projectile, dispelling fears that it originated from Russia. Data on Wednesday showed U.S. retail sales rose by 1.3% in October, compared with expectations for a 1.0% rise, showing consumers were undeterred by high inflation last month. This gave a bump to the dollar, which cut some of the day's losses and weighed heavily on European shares. The dollar, which acts a safe haven in times of geopolitical or market turmoil, rallied overnight, before falling throughout the European session. Gold rose 0.2% on the day to $1,776 an ounce, supported by a slightly weaker dollar, while Brent crude futures fell 0.6% to $93.33 a barrel, having retreated from an overnight high of $94.79.
LONDON, Nov 16 (Reuters) - Global stocks pared losses and the dollar fell on Wednesday after U.S. President Joe Biden told G7 and NATO partners that a missile blast in Poland was caused by a Ukrainian defence missile, dispelling fears that it originated from Russia. This is whatever it was, but it was not an attack on Poland and Biden’s comments took the tension out of it," Societe Generale strategist Kit Juckes said. When the missile struck, NATO member Poland first said a Russian-made rocket was responsible and summoned Russia's ambassador to Warsaw for an explanation after Moscow denied it was responsible. Biden said the United States and its NATO allies were investigating the blast but early information suggested it may not have been caused by a missile fired from Russia. With geopolitical tensions injecting some volatility into the broader markets, benchmark 10-year Treasury yields were almost unchanged on the day at 3.807%.
However, Biden said the weapon was probably not fired by Russia, although the investigation was ongoing. NATO ambassadors will hold an emergency meeting on Wednesday with a news conference due around 11.30 GMT. The European common currency was then knocked off that high, falling as low as $1.028 after news of the explosion in Poland sent traders to the safety of the dollar, which also caused falls in equities. "Geopolitical risks continue to hang over currency markets and are likely to remain a key driver of volatility," she said. The greenback was also down 0.15% on the Swiss franc at 0.9418, near Tuesday's seven-month low, and the dollar index, which tracks the greenback against six main peers, was 0.24% lower at 106.26.
However, Biden said the weapon was probably not fired by Russia, although the investigation was ongoing. According to U.S. officials, initial findings suggested that the missile that hit Poland had been fired by Ukrainian forces at an incoming Russian missile, the Associated Press said. "Right now, it's a bit of a tussle in the market as to how to price this risk," he added. Risk-sensitive Antipodean currencies recovered from earlier declines with Australian dollar last up 0.19% at $0.67685, while the kiwi was flat at $0.6158. "The currency market is stabilising, toying with the notion that this ... doesn't necessarily imply an escalation in the war, with NATO needing to get involved," said Rodrigo Catril, a senior currency strategist at National Australia Bank.
Reactions to Trump announcing 2024 White House bid
  + stars: | 2022-11-16 | by ( )   time to read: +5 min
SINGAPORE, Nov 16 (Reuters) - Donald Trump's aides filed paperwork for his 2024 White House bid on Tuesday as the former president launched a run to regain the title, aiming to pre-empt potential Republican rivals. Republicans are meanwhile closing in on the 218 seats they need to take a majority in the 435-seat House of Representatives. COMMENTS:ANTHONY SCARAMUCCI, FOUNDER, SKYBRIDGE CAPITAL, SINGAPORE (FORMER WHITE HOUSE COMMUNICATIONS DIRECTOR)"You know how you have a zombie that you can’t kill, like in the Night of the Walking Dead? If any one of those other candidates can present themselves with some of the Trump messaging without the Trump drama, there might be opportunities." Neil Young said 'it's better to burn out than fade away'...feels like Trump will go down this time with little glory."
TOKYO, Nov 16 (Reuters) - The safe-haven U.S. dollar firmed in volatile trading on Wednesday as markets took stock of geopolitical risks following news of a Russian-made rocket striking NATO-member Poland. Russia denied it was responsible for the explosion but the report sparked turbulent trading overnight as fears of the war in Ukraine spilling over to its neighbors rattled investors. "The market is trying to size up the risk and what that really means," said Moh Siong Sim, currency strategist at Bank of Singapore. "Right now, it's a bit of a tussle in the market as to how to price this risk," he added. Risk-sensitive Antipodean currencies slipped, with Australian dollar down 0.09% versus the greenback at $0.675, while the kiwi fell 0.23% to $0.614.
Morning Bid: A missile and a manifesto
  + stars: | 2022-11-16 | by ( )   time to read: +2 min
A look at the day ahead in European and global markets from Ankur BanerjeeU.S President Joe Biden said a missile that killed two people in Poland may not have been fired from Russia. Meanwhile, Donald Trump launched a bid to regain the presidency in 2024, a move that was widely expected and telegraphed. "Two years ago, we were a great nation and soon we will be a great nation again," he said in a speech that lasted little more than an hour. Britain is due on Wednesday to release inflation data for October that is expected to show consumer prices up 10.7% on a year earlier. Meanwhile, the Wall Street Journal reported that lender BlockFi was planning layoffs and a possible bankruptcy filing.
A modest miss on U.S. inflation on Thursday put pressure on the dollar , which declined almost 4% in a week, marking its worst week in more than two and half years. But Waller said on Sunday that the inflation print last week was "just one data point" and that other similar readings would be needed to show convincingly that inflation was slowing. Waller did add, however, that the Fed could now start thinking about hiking at a slower pace. U.S. inflation will likely remain high and keep the Fed on its monetary tightening path, Kong said. Elsewhere, the Japanese yen weakened 0.9% versus the greenback to 140 per dollar, while the euro was down 0.2% at $1.0324.
SINGAPORE, Nov 14 (Reuters) - Singapore-based crypto exchange's chief executive said the firm will prove all naysayers wrong on the platform being in trouble, and that it has a robust balance sheet and took no risks. Chief executive Kris Marszalek took questions in a livestreaming YouTube address, and also said the platform always maintained reserves to match every coin customers held on its platform. Marszalek had tweeted to say the ether was recovered and returned to the exchange, but that failed to calm a jittery market. is among the top 10 exchanges by turnover globally, but smaller than FTX and market leader Binance. Marszalek said had 70 million individual customers worldwide, and had made revenues of a billion dollars in 2021 as well as in 2022.
Nov 14 (Reuters) - Sports teams and businesses may shy away from long-term deals with crypto firms to minimise their risks after troubled crypto exchange FTX filed for U.S. bankruptcy protection last week, industry experts told Reuters on Monday. "I think crypto will be at the bottom of prospect lists for quite some time. Until that industry stabilises and has better oversight and controls -- if it happens -- then maybe it might be a viable partner." "As it relates to increasing sponsorship revenue, teams/leagues are always looking for new opportunities, but what's happening with FTX is a wake-up call." Singapore-based crypto exchange said on Monday it had moved about $1 billion to FTX over the course of a year, but most of it was recovered and exposure at the time of FTX's collapse was less than $10 million.
After four consecutive 75 basis-point interest rate hikes to tame decades-high inflation, the case is now building for the Fed to moderate its aggressive stance, said Rodrigo Catril, senior currency strategist at National Australia Bank in Sydney. Financial markets have now priced in an 85% likelihood of a smaller, 50 basis-point interest rate hike at the conclusion of next month's FOMC policy meeting, according to CME's Fedwatch tool. Mainland China stocks (.SSEC) opened 2.1% higher, while Hong Kong shares (.HSI) shot up 6.5% in early trade. In the currency market, the U.S. dollar index slumped more than 2% overnight to 108.100, the most in over a decade. Meanwhile, oil prices rose on Friday as fears of a U.S. recession eased but they were on track for weekly declines of more than 4% due to COVID-related worries in China.
European stock markets were lower (.STOXX), U.S. equity futures , were mixed and Asian shares (.MIAPJ0000PUS) edged up as the U.S. midterm election results rolled in. This all left MSCI's World Stock Index (.MIWD00000PUS) stuck just below Tuesday's seven-week peak. "U.S. stock futures are pushing higher on the idea of political gridlock being favourable for stocks, as it has been historically." Stuart Cole, head macro economist at Equiti Capital said potential political gridlock in Washington likely meant the end of tax rises on corporations and the well-off proposed by President Joe Biden. Reuters GraphicsIn Asia, Japan's blue-chip Nikkei stock index (.N225) retreated from a two-month high as poor results from videogame maker Nintendo weighed.
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) was 0.45% higher, while Japan's Nikkei (.N225) rose 0.2% and Australian stocks (.AXJO) gained 0.70%. China stocks soared last week on hopes that authorities in the country would relax their zero-COVID policy, but rising COVID-19 cases have tempered expectations. Results of the U.S. midterm elections will decide whether the Democrats lose or retain congressional control halfway through President Joe Biden's term, with investors expecting Republican gains. /FRXOil prices were mostly unchanged in early trade on Wednesday, after sliding 3% in the previous session on demand worries. U.S. crude recently fell 0.01% to $88.90 per barrel and Brent was at $95.40, up 0.04% on the day.
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