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☆ Pound, franc slide as central banks pause hikes; dollar holds firm
▼ + stars: | 2023-09-21 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

The euro rose as high as 0.9677 francs and is set for its biggest one-day rise since June. The dollar rose 0.8% to 0.9053 francs , hitting its highest level since June 13. "The Swiss franc has understandably weakened after the surprise hold in the policy rate today," ING strategists said in a note. Meanwhile, Sweden's Riksbank and Norway's central bank both raised rates by 25 basis points, in line with expectations. Although you never know for sure with this central bank," said Matt Simpson, senior market analyst at City Index.

Persons: Dado Ruvic, Sterling, Goldman Sachs, Michael Cahill, Sweden's, Niels Christensen, Matt Simpson, Samuel Indyk, Brigid Riley, Kevin Buckland, Sam Holmes, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Swiss, British, U.S . Federal Reserve, Friday's Bank of Japan, Bank of England, Swiss National Bank, ING, Fed, Bank of Japan, New Zealand, NZ, Thomson Locations: Swiss, Sweden, Norway, Swedish, Norwegian

☆ Dollar higher as Fed skips rate hike but stiffens hawkish stance
▼ + stars: | 2023-09-20 | by ( Saqib Iqbal Ahmed | ) www.reuters.com time to read: +4 min

As they did in June, Fed policymakers at the median still see the central bank's benchmark overnight interest rate peaking this year in the 5.50%-5.75% range, just a quarter of a percentage point above the current range. But from there, the Fed's updated quarterly projections show rates falling only half a percentage point in 2024 compared with the full percentage point of cuts anticipated at the meeting in June. Interest rate sensitive two-year Treasury yields hit 17-year highs on Wednesday after the Fed decision. "It looks as though the Fed is trying to send as hawkish a signal as it possibly can," said Gennadiny Goldberg, interest rate strategist at TD Securities. The yen was down 0.13% versus the greenback at 148.05 per dollar after the Fed decision.

Persons: Dado Ruvic, Karl Schamotta, Schamotta, Jerome Powell, Gennadiny Goldberg, Dominic Bunning, BoE, Masato Kanda, Janet Yellen, bitcoin, Saqib Iqbal Ahmed, Herbert, Joice Alves, Brigid Riley, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, U.S, Federal Reserve, TD Securities, Bank of England, Reuters, FX Research, HSBC, Washington, Treasury, Thomson Locations: Toronto, Japan, U.S, New York, London, Tokyo

☆ Dollar edges down before Fed decision, sterling falls on cooling UK inflation
▼ + stars: | 2023-09-20 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The U.S. dollar index , which measures the currency against a basket of rivals, was 0.1% lower at 105.00. The pound was volatile, last down 0.23% to $1.2364 after touching its lowest in almost four months following data showing UK inflation slowed more than expected in August. "This can drag GBP down, especially against the USD where pricing for rate cuts may already be overstretched". The yen flattened at 147.87 after touching a fresh 10-month weak-point against the dollar of 148.17 ahead of the Fed decision. The offshore yuan was unchanged at 7.3055 after China met market expectations by keeping its benchmark lending rates unchanged on Wednesday.

Persons: Dado Ruvic, BoE, Dominic Bunning, Bunning, Goldman Sachs, Powell, Elsa Lignos, Masato Kanda, Janet Yellen, Joice Alves, Brigid Riley, Gerry Doyle, Emelia Organizations: REUTERS, Federal Reserve, Bank of England, U.S, Reuters, FX Research, HSBC, FX, RBC Europe, Washington, Treasury, Bank of Japan's, Thomson Locations: Japan, U.S, China, London, Tokyo

☆ Dollar holds fast, yen in shaky territory ahead of FOMC
▼ + stars: | 2023-09-20 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures the greenback against a basket of rivals, stayed mostly flat at 105.17 as traders awaited the Fed's rate decision. Attention stayed fixed on the yen as U.S. and Japanese authorities heaped on fresh comments about the possibility of intervention. The yen last sat around 147.83 versus the greenback, off Tuesday's low of 147.92 though hovering near the 10-month trough against the dollar ahead of the FOMC announcement. Elsewhere in Asia, the offshore yuan was largely unchanged after China met market expectations by keeping its benchmark lending rates unchanged on Wednesday, but later ticked down 0.1% to 7.3103 per dollar. The Australian dollar , a proxy for China growth, fell nearly 0.1% in the Asian afternoon, while the New Zealand dollar was flat, down from Tuesday's two-week high against the dollar.

Persons: Dado Ruvic, Carol Kong, Masato Kanda, Janet Yellen, Brigid Riley, Gerry Doyle Organizations: REUTERS, Rights, Federal Reserve, U.S, Commonwealth Bank of Australia, Washington, Treasury, Bank of Japan's, New Zealand, Bank of England, bitcoin BTC, Thomson Locations: Japan, U.S, Asia, China, bitcoin

☆ Dollar firm but softens against yen ahead of FOMC
▼ + stars: | 2023-09-20 | by ( Brigid Riley | ) www.reuters.com time to read: +2 min

TOKYO, Sept 20 (Reuters) - The dollar remained firm on Wednesday but softened slightly against the yen ahead of a much-anticipated rate decision by the Federal Reserve later in the day. The U.S. dollar index , which measures the greenback against a basket of rivals, stayed mostly flat at 105.13 as traders awaited the Fed's rate decision. Dollar/yen could see some upside pressure after a hawkish FOMC meeting, she added. The yen last sat nearly 0.1% higher at 147.77 versus the greenback, off Tuesday's low of 147.92 though hovering near the 10-month trough against the dollar ahead of the FOMC announcement. The New Zealand dollar ticked up over 0.2% against the dollar near $0.5950.

Persons: Carol Kong, Masato Kanda, Brigid Riley, Gerry Doyle Organizations: Federal Reserve, U.S, Commonwealth Bank of Australia, Bank of Japan's, Reserve Bank, Australia's, New Zealand, Bank of England, bitcoin BTC, Thomson Locations: TOKYO, China, bitcoin

☆ Dollar holds steady, yuan rises on better-than-expected China data
▼ + stars: | 2023-09-15 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

The U.S. dollar index last stood somewhat lower at 105.32, but still near Thursday's six-month peak of 105.43. The yuan and Australian and New Zealand dollars received a boost after a batch of economic data from China in the Asian morning came in better-than-expected for some key indicators, providing a rare lift in sentiment. The offshore yuan inched up against the dollar to 7.2918 following the release. The Australian dollar , a proxy for China growth, rose nearly 0.3% to $0.6443, while the New Zealand dollar was up 0.2% at $0.5912. The yen stuck near 147.41 per dollar in the Asian morning.

Persons: Dado Ruvic, Rodrigo Catril, Sterling, Simon Harvey, Brigid Riley, Indradip Ghosh, Lincoln, Navaratnam Organizations: REUTERS, Rights, Central, U.S, greenback, New Zealand, People's Bank of China's, National Bank of Australia, Australian, Mizuho Bank, Thomson Locations: Asia, China, Thursday's, Europe

☆ Euro, sterling slide versus dollar ahead of U.S. inflation data
▼ + stars: | 2023-09-13 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The dollar index , which tracks the currency against six peers including yen, euro and sterling, held firm, though moves were subdued, up 0.13% to 104.73, as traders awaited the U.S. consumer price index (CPI) reading for August. The release comes just a week before Federal Reserve officials gather to decide on interest rate policy. The euro fell 0.2% to $1.0731 as markets raised their bets on further ECB rate hikes despite recent data showing the decline in euro zone business activity accelerated faster than initially thought last month. A source told Reuters that the ECB expects inflation in the 20-nation euro zone to remain above 3% next year, bolstering the case for a 10th consecutive interest rate increase on Thursday. YEN RETRACES GAINSThe yen fell as traders further digested comments from Japan's top central banker on a possible early exit from its negative interest rate policy.

Persons: Dado Ruvic, CME's, BoE, Stephen Gallo, Jim Reid, Deutsche Bank . Sterling, YEN RETRACES, Hiroshige Seko, Kazuo Ueda's, Ueda, Joice Alves, Brigid Riley, Alison Williams, Mark Heinrich Our Organizations: REUTERS, Sterling, European Central Bank, Federal Reserve, Federal, ECB, FX, BMO Capital Markets, U.S, CPI, Reuters, Deutsche Bank ., Bank of Japan, Fed, Thomson Locations: U.S, Japan, London, Tokyo

☆ Dollar edges up ahead of inflation reading, euro awaits ECB decision
▼ + stars: | 2023-09-13 | by ( Joice Alves | ) www.reuters.com time to read: +4 min

The dollar index , which tracks the currency against six peers including yen, euro and sterling, held firm, though moves were subdued, up 0.1% to 104.70, as traders awaited the U.S. consumer price index (CPI) reading for August. The release comes just a week before Federal Reserve officials gather to decide on interest rate policy. Elsewhere, the euro edged 0.1% lower to $1.0742 ahead of the ECB meeting on Thursday. A source told Reuters that the ECB expects inflation in the 20-nation euro zone to remain above 3% next year, bolstering the case for a 10th consecutive interest rate increase on Thursday. YEN RETRACES GAINSThe yen fell as traders further digested comments from Japan's top central banker on a possible early exit from its negative interest rate policy.

Persons: Dado Ruvic, CME's, Jim Reid, Deutsche Bank . Sterling, YEN RETRACES, Hiroshige Seko, Kazuo Ueda's, Ueda, Joice Alves, Brigid Riley, Alison Williams Organizations: REUTERS, European Central Bank, Federal Reserve, Commerzbank, ECB, Reuters, Deutsche Bank ., Bank of Japan, Fed, Thomson Locations: Japan, London, Tokyo

☆ Dollar steady ahead of key US inflation data, yen retraces gains
▼ + stars: | 2023-09-13 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

In the broader currency market, the dollar stood firm, though moves were subdued as traders stayed on guard ahead of the closely-watched U.S. inflation reading out later on Wednesday. Wednesday's U.S. consumer price index (CPI) data for August comes just a week before Federal Reserve officials gather to decide on interest rate policy. While the central bank is largely expected to keep rates on hold at next week's meeting, according to CME's FedWatch Tool, the Fed's next move in November remains more uncertain. "In recent months, European inflation, core inflation in particular, has fallen more slowly than expected. "The high inflation rate warrants another rate hike, but the economic indicators ... signal that a recession is imminent."

Persons: Dado Ruvic, Kazuo Ueda, Alvin Tan, Ueda, Hiroshige Seko, Sterling, CME's, Tina Teng, Brigid Riley, Shri Navaratnam Organizations: REUTERS, Rights, Bank of Japan, Asia FX, RBC Capital Markets, Federal Reserve, U.S, Wednesday's, Fed, CMC Markets, European Central Bank, Reuters, Rabobank, Thomson Locations: U.S, Asia, Wednesday's U.S

☆ Morning Bid: China surprise lifts mood before US payrolls
▼ + stars: | 2023-09-01 | by ( ) www.reuters.com time to read: +3 min

Meanwhile, a pleasant surprise emerged from China, where a private-sector survey showed factory activity in the world's second-largest economy ticked back into expansive territory. It's a little too early to celebrate a major shift in recent trends, though, with the property sector and weak household consumption still weighing heavily. China's stock market shook off its recent gloom in the Asian morning, with the blue-chip index's (.CSI300) real estate (.CSI000) and financial (.CSIFN) sub-indexes leading the charge. The parade of PMI data marches on, with surveys due from a host of countries in the euro bloc on Friday. The euro zone final PMI will be in focus after the survey last month showed manufacturing activity slowing at the fastest pace since the start of the pandemic.

Persons: Brigid Riley It's, nonfarm payrolls, haven't, Mester, Brigid Riley Organizations: cnsphoto, REUTERS, Federal, Reuters Graphics Reuters, PMI, European Central Bank, Thomson Locations: Zunyi, Guizhou province, China, U.S, It's, Europe, Spain, Switzerland, Italy, France, Germany, Sweden

☆ Morning Bid: Markets brace for EU, US inflation data blitz
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 30, 2023. REUTERS/Staff/File Photo Acquire Licensing RightsA look at the day ahead in European and global markets from Brigid RileyA slew of economic data is set to roll out on Thursday, including preliminary euro zone CPI numbers and U.S. personal consumption data, with markets hankering for further inflation relief as central bank policy meetings march closer into view. The pan-European STOXX 600 index (.STOXX) closed lower and the euro jumped in the aftermath of the data, with markets now bracing for the last day of a gloomy August. Expectations are still hovering around a 50-50 chance of another ECB hike, with the focus on preliminary euro zone CPI data due later in the day. Meanwhile, Chinese stocks were looking glum again in the Asian morning after an official factory survey showed manufacturing activity slowed for a fifth month straight.

Persons: Brigid Riley, Collins, Lululemon, Pernod Richard, Edmund Klamann Organizations: REUTERS, Staff, European Central Bank, Reuters Graphics, Federal Reserve, UBS, Credit Suisse, Credit Suisse AG, PCE, Dollar, Corp, Broadcom Inc, Thomson Locations: Frankfurt, Germany, Spain, France, U.S, Italy, Switzerland, Central

☆ Morning Bid: Jitters mount as Powell retakes centre stage
▼ + stars: | 2023-08-25 | by ( ) www.reuters.com time to read: +2 min

Any hints about the Fed's rate outlook are sure to reverberate across asset classes. Stock markets around the globe slid as nerves grew, with Wall Street taking a tumble overnight and Japan's Nikkei (.N225) dropping 2% in the Asian morning. Stoxx 50 futures didn't offer much hope for the coming day after Europe's benchmark (.STOXX) drooped on Thursday. The pristine U.S. resiliency story took a hit earlier this week after surveys showing dismal business activity shook confidence. Reuters GraphicsFed officials squeezed in some final public comments before the boss's speech: Philadelphia Fed President Patrick Harker leaned towards holding policy steady for the rest of the year, while Boston Fed President Susan Collins kept the door open for additional hikes.

Persons: Brigid Riley, Jerome Powell, Jackson, drooped, Patrick Harker, Susan Collins, Christine Lagarde, Kevin Buckland, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Japan's Nikkei, Thursday, Fed, Reuters Graphics, Philadelphia Fed, Boston Fed, Thomson Locations: Frankfurt, Silicon, Germany, U.S, Sweden

☆ Morning Bid: Stock markets tense as China gloom builds
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the Frankfurt stock exchange after risks have climbed to multi-month highs in recent days as concerns over contagion from the collapse of Silicon Valley Bank and instability at European bank Credit Suisse gripped the markets, in Frankfurt, Germany, March 17, 2023. Markets currently seem all but certain of another hike from the BOE, with a more than 90% chance seen for a 25 basis point increase in September. Expectations lean towards rates having to go even higher in the future, in contrast to the BOE's peers in the EU and the United States. The euro zone also gets an economic data drop on Wednesday, with preliminary Q2 GDP figures estimated to show meager growth of 0.2% and industrial production data likely to be negative. Meanwhile, the Federal Reserve minutes are sure to garner attention as markets seek more insight into the Fed's thought process.

Persons: Brigid Riley China's, BOE, Brigid Riley, Edmund Klamann Organizations: Silicon Valley Bank, Credit Suisse, REUTERS, Staff, Nikkei, CPI, Bank of England's, EU, European Central Bank, Federal, PPI, Cisco Systems, Thomson Locations: Frankfurt, Silicon, Germany, Asia, Europe, United States, West, New Zealand, China

[1/2] Chinese Yuan and U.S. dollar banknotes are seen in this illustration taken March 10, 2023. That represented the highest annual growth rate since comparable records began in 2001. "BoE Sep rate hike bets have jumped ... providing support for the GBP," said Scotiabank chief FX strategist Shaun Osborne. The yuan briefly bounced back as major state-owned banks were seen selling dollars to support the local currency. Punctuating those worries, Chinese data on industrial output, retail sales and investment released shortly after the PBOC's rate cut showed unexpected slowdowns.

Persons: Yuan, Dado Ruvic, Sterling, BoE, Shaun Osborne, Scotiabank's Osborne, Osborne, Shinichiro Kadota, Shunichi Suzuki, Joice Alves, Samuel Indyk, Brigid Riley, Kevin Buckland, Susan Fenton Organizations: REUTERS, Bank of, Kremlin, Bank of England, Scotiabank, People's Bank of China, U.S, Traders, Barclays, Finance, Thomson Locations: Russian

Banknotes of Chinese yuan and U.S. dollar are seen in this illustration picture taken September 29, 2022. REUTERS/Florence Lo/IllustrationTOKYO/LONDON, Aug 10 (Reuters) - The dollar slipped against most currencies on Thursday ahead of U.S. inflation data that will shape the Fed's policy direction, although the prospect of higher energy costs pushed it to a one-month high against the yen. "Though you could argue it the other way given the euro zone recession risk if energy stays higher," she added. The impact of higher energy costs were also a factor in the softer yen, as resource-poor Japan is a major oil importer. A break above 145 would open the way potentially to 148 "if we get the U.S. dollar flexing again after the CPI," he said.

Persons: Florence Lo, it's, Jane Foley, We've, Foley, that's, Tony Sycamore, Kevin Buckland, Brigid Riley, Alun John, Kim Coghill, Sharon Singleton, Susan Fenton Organizations: REUTERS, U.S, CPI, Federal Reserve, Rabobank, U.S . Treasury, ECB, IG, People's Bank of China, New, Swiss, Thomson Locations: U.S, Japan, New Zealand, Tokyo, London

☆ Dollar eases as China deflation lures investors into risk assets
▼ + stars: | 2023-08-09 | by ( Amanda Cooper | ) www.reuters.com time to read: +3 min

LONDON, Aug 9 (Reuters) - The dollar eased on Wednesday after data showed the Chinese economy slipped into deflation last month, which upped the chances for the government to roll out extra stimulus measures and nudged investors into risk assets. Dollar selling by state-owned Chinese banks helped the yuan rally from a one-month low, dealers said. The Chinese central bank's stronger-than-expected exchange-rate fixing at 7.1588 per dollar before the open signalled its discomfort with the yuan's recent declines. The dollar index - which measures the performance of the U.S. currency against six others - eased 0.1%, paring some of Tuesday's 0.47% rise. "Chinese inflation data showed that consumer prices have barely moved in July, confirming that the world’s second-largest economy is stalling and may be moving into deflation," he said.

Persons: There's, Ray Attrill, Ricardo Evangelista, Chris Scicluna, Patrick Harker, Raphael Bostic, Michelle Bowman, Kevin Buckland, Brigid Riley, Simon Cameron, Moore, Kirsten Donovan Organizations: National Australia Bank, Federal Reserve, Daiwa Capital, ECB, Bank of England, Philadelphia Fed, Atlanta Fed, Fed, Thomson Locations: China, Tokyo

☆ Dollar firm on safe-haven demand as markets fret over China, banks
▼ + stars: | 2023-08-09 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

The employee of a currency exchange shop counts U.S. dollar banknotes in Ciudad Juarez, Mexico July 27, 2023. The Chinese yuan, however, got some respite after the central bank set a stronger official rate than expected, signalling its discomfort with recent declines. Worries about the global economy flared again after data on Tuesday showed Chinese imports and exports contracting faster than expected in July. U.S. Treasuries also saw a surge in demand from haven-seeking investors, with 10-year yields briefly dipping back below 4%. Reporting by Kevin Buckland; Additional reporting by Brigid Riley; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Jose Luis Gonzalez TOKYO, Treasuries, Ray Attrill, there's, Attrill, Patrick Harker, Raphael Bostic, Michelle Bowman, Bart Wakabayashi, Kevin Buckland, Brigid Riley, Sonali Paul Organizations: REUTERS, New Zealand, U.S, Bank of New York Mellon, US Bancorp, National Australia Bank, People's Bank of, Federal Reserve, Philadelphia Fed, Atlanta Fed, Fed, State Street Bank, Trust, Thomson Locations: Ciudad Juarez, Mexico, Asia, Rome, China, People's Bank of China, Tokyo

☆ Morning Bid: Banking news unnerves ahead of US CPI
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mark Makela/File PhotoA look at the day ahead in European and global markets from Brigid RileyMarkets have a full plate on Wednesday, taking in China's disappointing inflation data while awaiting tomorrow's U.S. CPI report, and processing a surprise banking windfall tax announcement from Italy. The banking sector in Europe is still reeling after Italy unexpectedly approved a 40% windfall tax, although authorities added in a statement on Tuesday that the new tax could not breach 0.1% of a lender's total assets. European markets will be on guard for similar moves in other countries. Eyes are turning to the fast-approaching U.S. inflation report after mostly dovish comments from several Fed officials this week. Dutch supermarket chain Ahold Delhaize (AD.AS) and Germany-based E.ON (EONGn.DE), Europe's largest energy company, also announce earnings.

Persons: King of Prussia, Mark Makela, Brigid Riley, there's, Ahold, Edmund Klamann Organizations: King of Prussia , Pennsylvania U.S, REUTERS, Brigid Riley Markets, U.S, CPI, Walt Disney Co, E.ON, Reuters Graphics Reuters, Illumina, Walt Disney, Thomson Locations: King, King of Prussia , Pennsylvania, Brigid, Italy, Europe, Asia, China, Germany

☆ Morning Bid: Germany to kick off CPI mega-run
▼ + stars: | 2023-08-08 | by ( ) www.reuters.com time to read: +3 min

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, August 1, 2023. Still, investors' focal point for the week is the U.S. consumer price index amid recent goldilocks data and remarks from Fed Chair Jerome Powell that's given strength to the economic soft-landing narrative. Fed officials continue to emerge from their silence this week after hiking rates another 25 basis points at their last meeting. Investors betting the Fed has reached the end of rate increases will have another chance to gauge their theory when Philadelphia Fed President Harker and Richmond Fed President Barkin speak on Tuesday. Their remarks will be top of investor watchlists after mixed messages about the future rate path from New York Fed President John Williams and Fed Governor Michelle Bowman on Monday.

Persons: Brigid Riley Germany, Jerome Powell that's, Harker, Barkin, John Williams, Michelle Bowman, Fed's Harker, Brigid Riley, Christopher Cushing Organizations: REUTERS, Staff, Federal Reserve, Central Bank's, Philadelphia Fed, Richmond Fed, New York Fed, Bank of Japan, CPI, Hungary CPI, Bayer, InterContinental Hotels, Thomson Locations: Frankfurt, Germany, China, United States, U.S, Richmond, New, Asia, Hungary

☆ Japan's 'Mr.Yen' Sakakibara expects no yen intervention
▼ + stars: | 2023-08-07 | by ( Brigid Riley | ) www.reuters.com time to read: +3 min

Japan's former currency czar Eisuke Sakakibara speaks at an interview with Reuters in Tokyo, Japan February 6, 2017. Sakakibara gained a reputation as a market mover in the 1990s after devising several currency interventions during his time as vice finance minister, earning him the nickname "Mr Yen". Sakakibara takes Bank of Japan head Kazuo Ueda at his word that easy policy will be retained for the time being. Japan's Ministry of Finance intervened in October when the yen slipped to 149.70 against the dollar, and speculation grew that the currency could tumble further. While the chance that the yen weakens further against the dollar can't be completely dismissed, Sakakibara believes the "tide has changed" for dollar-yen.

Persons: Eisuke Sakakibara, Kim Kyung, Sakakibara, Mr Yen, Kazuo Ueda, Brigid Riley, Hiroko Hamada, Shri Navaratnam Organizations: Reuters, REUTERS, U.S, U.S . Federal Reserve, of Finance, Bank of Japan, Fed, Bank, Japan, Japan's Ministry of Finance, Thomson Locations: Tokyo, Japan, U.S, Japan's

Sterling traded higher after recovering knee-jerk losses following the Bank of England's decision to downshift to a quarter point rate hike on Thursday. The U.S. dollar index , which gauges the currency against a basket of six counterparts, edged 0.06% lower to 102.39 in Asia. On Thursday, it had pushed to the highest since July 7 at 102.84 at one point, but lost steam later in the day with the monthly nonfarm payrolls report looming on Friday. The dollar slipped slightly to 142.40 yen , as long-term Treasury yields - which the currency pair tends to track closely - retreated from Thursday's nearly nine-month high at 4.198% in Tokyo trading. At the same time, "unless or until what's been happening with Treasury yields reverses, there's no meaningful prospect of dollar-yen coming down here, unless we see a very dramatic deterioration in risk sentiment," he added.

Persons: Dado Ruvic, Sterling, Kristina Clifton, BoE, Ray Attrill, Attrill, Kevin Buckland, Brigid Riley, Jacqueline Wong Organizations: REUTERS, Bank of, of, U.S, Commonwealth Bank of Australia, National Australia Bank, European Central Bank, Thomson Locations: China, Asia, Thursday's, Tokyo, U.S

U.S. Dollar banknotes are seen in this illustration taken July 17, 2022. Sterling traded slightly higher after recovering knee-jerk losses following the Bank of England's decision to downshift to a quarter point rate hike on Thursday. Meanwhile, the risk-sensitive Australian dollar strengthened amid a rebound in Chinese stocks and U.S. equity futures. The U.S. dollar index , which gauges the currency against a basket of six counterparts, edged 0.07% lower to 102.38 in early Asia. However, the dollar edged higher to 142.64 yen , aided by the rise in long-term Treasury yields to a nearly nine-month high at 4.198% overnight.

Persons: Dado Ruvic, Sterling, BoE, Ray Attrill, Attrill, Hong, Kevin Buckland, Brigid Riley, Jacqueline Wong Organizations: REUTERS, Bank of, of, U.S, National Australia Bank, European Central Bank, Reserve Bank of Australia, Nasdaq, Thomson Locations: Asia, Sterling, U.S, China

☆ Morning Bid: Markets brace for BOE as China PMI cheers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The BOE is leaning toward a 25 basis point hike after the inflation gods took some pity on the UK last month. Investors and economists will be sure to inspect the BOE's growth and inflation forecasts for indications of just how sticky the central bank thinks inflation has become. Not to be overshadowed by monetary policy, earnings reports roar back into focus on Thursday with Apple (AAPL.O) at the forefront. China kicks off a long line of PMI releases today with better-than-expected services activity, giving markets a bit of good news after disappointing data on Monday. In Japan, the stock market continued to feel the drag from U.S. chip firms on Thursday morning, with the Nikkei (.N225) seeing broad-based losses.

Persons: Hollie Adams, Brigid Riley, BOE, Jerome Powell isn't, hasn't, Stryker, Fed's Barkin, Jacqueline Wong Organizations: Bank of England, City of, REUTERS, Bank of, CPI, Reuters Graphics, ECB, Apple, Moderna, PMI, HK, Nikkei, Royce, Infineon, Adidas AG, BMW, Fed's, Thomson Locations: City, City of London, Britain, United States, China, Japan, U.S, Expedia, France, Italy, Sweden, Spain, Germany, Euro

☆ Morning Bid: Markets shake off surprise US credit downgrade
▼ + stars: | 2023-08-02 | by ( ) www.reuters.com time to read: +1 min

A money changer counts U.S. dollar banknotes at a currency exchange office in Ankara, Turkey November 11, 2021. REUTERS/Cagla Gurdogan/File PhotoA look at the day ahead in European and global markets from Brigid RileyFitch delivered the markets a doozy of a surprise with an unexpected downgrade of the U.S. government's credit rating, by one notch to AA+ from AAA, citing concerns over governance and U.S. debt. Japan's Nikkei (.N225) suffered a 1.8% drop, but that's after hovering near post-Bubble highs for most of the past two months. Chinese markets also took a big hit, led by a 2% drop for Hong Kong's Hang Seng. But again, these are markets that had been supported by now-waning hopes for big-bang economic stimulus from Beijing.

Persons: Cagla, Brigid Riley Fitch, Biden, Brigid Riley, Kevin Buckland, Edmund Klamann Organizations: REUTERS, AAA, Treasury, NASDAQ, Japan's Nikkei, Swiss PMI, Thomson Locations: Ankara, Turkey, U.S, Beijing, China's, Swiss, Spain

☆ Morning Bid: Soft landing swings into view
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

After Wednesday's 25 basis point hike, markets seem to think so. Traders in Asia cheered a glimpse of the fabled soft landing with Jerome Powell saying the Fed no longer expects a U.S. recession. Stocks rose and the dollar fell across the board. The Bank of Japan is then up on Friday, with perhaps the most unpredictable central bank decision of the week. European futures rose 0.3% and U.S. futures also added 0.3%.

Persons: Brigid Riley, Jerome Powell, Christine Lagarde, Klass, HSI, Muralikumar Organizations: Traders, European Central Bank, Bank of Japan, Renault, Intel, Ford, MasterCard, Reuters Graphics Reuters, Thomson Locations: Asia, U.S, France, United States

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