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☆ Market watchers' comments on COVID-19 protests in China
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +6 min

Here's what market watchers are saying about the unrest:ALLAN VON MEHREN, CHIEF ANALYST, DANSKE BANK, COPENHAGEN:"Normally protests in China are aimed at local governments but a crowd in Shanghai directed their protest against the Communist Party and Xi Jinping." "The protests come as the recent tweaks in the zero-Covid policy seem to have backfired as they led to rising cases across the country that subsequently triggered new restrictions being implemented. MARK HAEFELE, GLOBAL WEALTH MANAGEMENT CIO, UBS, ZURICH:"We do not expect economic or market headwinds in China to abate significantly over the coming months. KEN CHEUNG, CHIEF ASIA FX STRATEGIST, MIZUHO, HONG KONG:"The China economy is heading to the direction of reopening but the road to the reopening could be a bumpy one. GARY NG, ECONOMIST, NATIXIS, HONG KONG:"The market does not like uncertainties that are difficult to price and the China protests clearly fall into this category.

☆ The G-7 may cap Russia's oil price — but it won't dent Moscow's war chest, analysts say
▼ + stars: | 2022-11-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

(Photo by JOE KLAMAR / AFP)The Group of 7 nations are in talks to cap Russian oil at $65 and $70 a barrel — but analysts say it likely won't have a significant impact on Moscow's oil revenues even if it's approved. Russia has threatened to it will not supply oil to countries setting and endorsing the price cap. In a note on Thursday, he said that current Russian oil shipments face minimal disruption from the European Union denying shipping and insurance services. He agreed that the discussed price cap won't make much of a dent or deter Moscow in its war against Ukraine. "Russia's seaborne oil exports have increased to China, India and Turkey at the expense of advanced economies following the Ukraine war," he added.

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.

☆ Dollar tentative as investors await Fed minutes
▼ + stars: | 2022-11-23 | by ( ) www.cnbc.com time to read: +2 min

The Fed on Wednesday will release the minutes from its most recent meeting, with investors looking for any sign of discussions around moderating the pace of interest rate hikes. The dollar index , which measures the greenback against six major peers, was last up 0.056% at 107.130, having slipped 0.65% overnight. Fed Chair Jerome Powell said this month that, while borrowing costs would need to rise further, the central bank might raise interest rates in smaller increments in the future. New Zealand's central bank raised interest rates by 75 basis points to a near 14-year high of 4.25% on Wednesday. The central bank said the cash rate needed to reach a higher level earlier than previously indicated to tame inflation.

"What's going on in China is going to take centre stage," said Joseph Capurso, head of international and sustainable economics at Commonwealth Bank of Australia. MUFG analysts noted that more cautious remarks from Fed officials were also been a factor in the dollar losing some momentum on Tuesday. The major factor driving dollar moves in recent months has been market expectations of how aggressively the Federal Reserve will raise rates. The dollar fell 0.5% on the offshore yuan to 7.1412, having gained 0.7% overnight. The lending unit suspended redemptions last week, citing fallout from the collapse of FTX, which filed for bankruptcy on Nov 11.

☆ Dollar pauses climb; China COVID fears mount
▼ + stars: | 2022-11-22 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

China's capital warned on Monday that it was facing its most severe test of the COVID-19 pandemic, with a surge in COVID cases sparking fresh restriction measures. The offshore yuan gained 0.3% to 7.1574 per dollar in Asia trade, after falling more than 0.7% overnight. "It could just be a consolidation phase after yesterday's pretty big move up," said Capurso of the U.S. dollar. The Japanese yen last traded 0.2% higher at 141.79 per dollar, after slumping more than 1% to the weaker side of 142 per dollar in the previous session. "It's more like a cork in the ocean, subject to risk aversion as well as movements in 10-year Treasury yields."

☆ Dollar edges higher as China COVID worries spur defensive buying
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

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.

[1/2] Pound and U.S. dollar banknotes are seen in this illustration taken January 6, 2020. REUTERS/Dado Ruvic/IllustrationLONDON, Nov 17 (Reuters) - The dollar rose on Thursday as investors digested mixed U.S. economic data, while the British pound fell as the UK government unveiled its latest budget update. Yet the dollar climbed on Thursday after U.S. retail sales data for October, released on Wednesday, came in stronger than expected. Traders will also scrutinise speeches from numerous Fed officials on Thursday for hints about rate hikes. It plunged 3.7% on Thursday last week when U.S. consumer inflation data for October came in lower than expected.

REUTERS/Dado Ruvic/IllustrationSINGAPORE, Nov 17 (Reuters) - The dollar was little changed on Thursday as investors digested mixed U.S. economic data, while the British pound rose ahead of the government's budget update. Yet the dollar paused on Thursday after U.S. retail sales data for October, released on Wednesday, came in stronger than expected. "Markets have positioned for the Fed to pivot (but) the U.S. retail sales data very much challenges that narrative," said Commonwealth Bank of Australia currency strategist Kim Mundy. Traders will also scrutinise speeches from numerous Fed officials on Thursday for hints about rate hikes. China's yuan weakened 0.36% to 7.126 per dollar as new COVID cases caused concerns that officials could order more lockdowns.

The risk-sensitive Aussie tumbled as Hong Kong's Hang Seng led a tech-driven slide in Asian equities. U.S. data overnight showed October retail sales rose 1.3%, compared with economist expectations for 1.0%, a healthy signal but one that dented hopes for a pause in rate increases. "The U.S. economy is driven by the consumer and if the consumer is still spending, it suggests it's going to take inflation longer to ease." Meanwhile, the Aussie dollar slumped 0.4% to $0.6715 as regional equities retreated, and failed to garner support from stronger-than-expected local jobs data. Sterling eased 0.23% to $1.18855, while the yen was more resilient, trading little changed at 139.50 per dollar.

☆ Dollar steadies as U.S. spending points to rate hikes
▼ + stars: | 2022-11-17 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The Australian and New Zealand dollars fell slightly overnight, in response to the U.S. data, and were steady in morning trade on Thursday. The Japanese yen hovered at 139.25 per dollar, while the Chinese yuan nursed losses at 7.1033 per dollar after China's central bank promised to keep local liquidity ample and to guide commercial loan growth. The Aussie dollar didn't catch much of an immediate boost from stronger-than-expected jobs data. Comments from a number of Fed and other central bank officials will also be closely watched. Indonesia's central bank meets to set policy and a 50 basis point hike is expected.

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.

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.

☆ Dollar steadies as Fed cautions on inflation
▼ + stars: | 2022-11-14 | by ( ) www.cnbc.com time to read: +2 min

Global equities soared as investors poured into risky assets on hopes that peaking inflation means less aggressive rate hikes from the Fed. Waller, however, did add 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. The Japanese yen weakened 0.24% versus the greenback to 139.12 per dollar, having strengthened 5.4% last week against the dollar. The offshore Chinese yuan fell 0.23% versus the greenback to stand at $7.0723 per dollar on the day.

Nov 14 (Reuters) - Three of Australia's 'big four' banks settled separate class action lawsuits for A$126 million ($84.51 million) with Slater & Gordon (SGH.AX), who took the banks to court two years ago over sale of credit insurance products, the companies said on Monday. Law firm Slater & Gordon in 2020 filed class action lawsuits against Commonwealth Bank of Australia (CBA.AX), Westpac Banking Corp (WBC.AX), and Australia and New Zealand Banking Group (ANZ.AX) on behalf of around one million customers. ANZ, along with QBE Insurance, and OnePath Life and OnePath General Insurance, indirect units of Swiss firm Zurich Insurance Group (ZURN.S), will pay a total of A$47 million to their customers under the settlement, with ANZ contributing A$42 million, Slater & Gordon said. Westpac would pay A$29 million, subject to court's approval. ($1 = 1.4910 Australian dollars)Reporting by Sameer Manekar in Bengaluru; editing by Diane Craft and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar dives as investors cheer after U.S. inflation misses forecasts
▼ + stars: | 2022-11-11 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Figures showed that the consumer price index rose 7.7% year-on-year in October, the smallest gain since January and below forecasts of an 8% increase. The dollar tumbled overnight after the release, and recorded its worst day against the Japanese yen since 2016, having fallen 3.7%. Against a basket of currencies, the U.S. dollar index slumped more than 2% overnight, the most in over a decade. "The overnight moves in the dollar were pretty sharp ... read moreFTX is scrambling to raise about $9.4 billion from investors and rivals, a source told Reuters.

The banks are now less conservative in counting expected rental income when assessing loan applications, said the four sources. In September, about a third of new bank mortgage lending was for investment. On Nov. 12, NAB will also halve its discount on rental income to 10%, including for Airbnb-like short-term rentals, the sources said. NAB, Westpac and ANZ trail market leader Commonwealth Bank of Australia (CBA.AX), which has a quarter of the mortgage market. Commonwealth continues to apply a rental income discount of 20% on mortgage applications, a sixth source said.

☆ Dollar rises as China defends stringent COVID policy, dampening risk sentiment
▼ + stars: | 2022-11-07 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The two currencies were huge beneficiaries of a broad rally on Friday - rising nearly 3% - as speculation that China could soon end its COVID restrictions gathered pace and buoyed risk appetite. But hints of some easing of market conditions, with the unemployment rate rising to 3.7%, fuelled hopes that the much sought after Fed pivot could be on the horizon, capping the dollar's gains. Against a basket of currencies, the U.S. dollar index last stood at 111.02. "Judging by market reaction, investors really focused on the lift in unemployment rate, and that might have led to market participants scaling back their expectations on the Fed funds rate." Four Federal Reserve policymakers on Friday also indicated they would still consider a smaller interest rate hike at their next policy meeting.

☆ Dollar gains as China sticks to stringent COVID policy, souring risk sentiment
▼ + stars: | 2022-11-07 | by ( Rae Wee | ) www.reuters.com time to read: +2 min

The two currencies were huge beneficiaries of a broad rally on Friday - rising nearly 3% - as speculation that China could soon end its COVID restrictions gathered pace and buoyed risk appetite. But hints of some easing of market conditions, with the unemployment rate rising to 3.7%, added to the case that the Federal Reserve could slow its pace of future rate increases and capped the dollar's gains. Against a basket of currencies, the U.S. dollar index firmed at 111.09. "Judging by market reaction, investors really focused on the lift in unemployment rate, and that might have led to market participants scaling back their expectations on the Fed funds rate." Four Federal Reserve policymakers on Friday also indicated they would still consider a smaller interest rate hike at their next policy meeting.

☆ Factbox: Australia Inc roiled by raft of cyberattacks since late 2022
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +4 min

[1/3] A woman uses her mobile phone as she walks past in front of an Optus shop in Sydney, Australia, February 8, 2018. AUSTRALIAN CLINICAL LABSAustralian Clinical Labs Ltd (ACL.AX), one of the country's largest pathology providers, said unit Medlab suffered a breach that exposed data of about 223,000 patients. TPG TELECOMAustralia's No.2 internet service provider TPG Telecom (TPG.AX) said it had been notified of unauthorised access to a hosted exchange service that hosts email accounts of up to 15,000 business customers. CBACommonwealth Bank of Australia CBA.AX said its Indonesian unit, PT Bank Commonwealth (PTBC), had been hit by a cyber incident involving unauthorised access of a web-based software application used for project management. IPHAustralian intellectual property services provider IPH Ltd (IPH.AX) said it had detected unauthorised access to a portion of its IT environment, compromising information including administrative documents and some client documents.

☆ Dollar gains as China sticks to stringent Covid policy, souring risk
▼ + stars: | 2022-11-07 | by ( ) www.cnbc.com time to read: +2 min

A photo showing souvenir banknotes of 100 US dollars and 50 US dollars. The two currencies were huge beneficiaries of a broad rally on Friday — rising nearly 3% — as speculation that China could soon end its Covid restrictions gathered pace and buoyed risk appetite. Against a basket of currencies, the U.S. dollar index firmed at 111.09. "Judging by market reaction, investors really focused on the lift in unemployment rate, and that might have led to market participants scaling back their expectations on the Fed funds rate." Four Federal Reserve policymakers on Friday also indicated they would still consider a smaller interest rate hike at their next policy meeting.

☆ Dollar gains as traders gird for higher U.S. rates
▼ + stars: | 2022-11-03 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The dollar initially fell on hints in the Fed's statement of smaller hikes ahead, but it was bid after Powell's hawkish stance about the trajectory rates. The Australian dollar fell 0.7% overnight and slipped further to a week-low of $0.6332 on Thursday. "This shall further embolden expectations of policy divergence with a much hawkish Fed relative to other central banks around the world. Japan's yen was notably firm in the face of dollar gains, and has held at 147.90 per dollar, prompting speculation of possible help from official intervention. China's yuan was hovering near record lows in offshore trade at 7.3408 per dollar, and other Asian currencies were under pressure.

☆ Dollar, bond yields rise ahead of pivotal rate hikes
▼ + stars: | 2022-10-31 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

Combined with news that Italy's economy grew far more strongly than expected in the third quarter, euro zone bond yields moved higher EUR/GVD although the euro succumbed to another bout of U.S. dollar strength. /FRX"A lot of data is coming out this week and lot of central banks are meeting," said Societe Generale strategist Kit Juckes. Palm oil futures rose nearly 5%. In the oil markets, Brent crude futures fell 1% to $94.65 a barrel, while spot gold was fractionally lower at $1,637 an ounce in the precious metals markets. Additional reporting by Tom Westbrook in Singapore; Editing by Kirsten Donovan and Angus MacSwanOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks splutter, euro falls ahead of euro zone inflation data
▼ + stars: | 2022-10-31 | by ( Marc Jones | ) www.reuters.com time to read: +6 min

,Euro zone October inflation numbers due shortly are seen hitting a fresh record of 10.2% year on year, in what will make for more uncomfortable reading for the European Central Bank, which is targeting 2% price growth. Combined with news that Italy's economy grew far more strongly than expected in the third quarter, euro zone bond yields moved higher EUR/GVD although the euro succumbed to another bout of U.S. dollar strength. /FRX"A lot of data is coming out this week and lot of central banks are meeting," said Societe Generale strategist Kit Juckes. We are now waiting for euro zone GDP and CPI. S&P 500 futures fell 0.2%, while Germany's 10-year government bond yield, the benchmark for the euro area, was up 5.5 basis points (bps) to 2.143%.

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