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☆ Stocks slip, yen surges on speculation of Bank of Japan policy tweak
▼ + stars: | 2023-07-28 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

The BOJ sets policy later in the session. The Nikkei newspaper reported, without citing sources, that policymakers will discuss tweaking the yield control policy to allow 10-year government bond yields above a 0.5% cap in some circumstances. "I think the idea is even a tiny tweak is a big deal for the BOJ. Japan's Nikkei (.N225) opened 1.4% lower though bank shares (.IBNKS.T) surged to an eight-year high on the prospect of rising interest income at lenders. Further strong U.S. data, with better-than-expected second-quarter growth figures out overnight drove up longer-end Treasury yields and the U.S. dollar.

Persons: Imre Speizer, We'll, Kristina Clifton, Christine Lagarde, Lagarde, Jerome Powell, Shri Navaratnam Organizations: Nikkei, ECB, SYDNEY, Bank of Japan, European Central Bank, Westpac, Japan's Nikkei, Commonwealth Bank of Australia, Federal Reserve, Fed, U.S ., Nasdaq, Intel, Brent, Thomson Locations: Tokyo, Asia, Pacific, Japan

☆ Morning Bid: Bank of Japan sets the stage for higher yields
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +3 min

[1/2] A Japanese flag flutters on the Bank of Japan building in Tokyo, Japan, March 15, 2016. The BOJ maintained its guidance allowing the 10-year yield to move 0.5% around the 0% target, but said those would be "references" rather than "rigid limits". There's weakness all around in stock markets, with MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) down, along with Japan's Nikkei (.N225). The Dow Jones Industrial Average (.DJI) fell 0.67% to snap its longest winning streak since 1987. Second-quarter GDP estimates for Spain, France and Germany should show modestly expanding and yet struggling economies, if latest purchasing manager indexes are any indication.

Persons: Toru Hanai, Vidya Ranganathan, Jerome Powell, Christine Lagarde, there's, Edmund Klamann Organizations: Bank of Japan, REUTERS, ECB, U.S . Commerce Department, Japan's Nikkei, Dow Jones, The U.S . Commerce Department, Reuters Graphics Reuters, AstraZeneca, BASF, Exxon Mobil, Thomson Locations: Tokyo, Japan, Vidya, United States, U.S, Asia, Pacific, Spain, France, Germany, The

☆ Japan sends yen soaring and stocks tumbling with hint it could join rate-hiking party
▼ + stars: | 2023-07-28 | by ( Laura He | ) edition.cnn.com time to read: +3 min

CNN —Japan’s central bank kept interest rates unchanged Friday despite rising inflation but hinted that it could gradually abandon years of ultra-cheap money, sending the yen soaring and stocks tumbling. “No introduction of the policy rate guidance suggests that the Bank [of Japan] left open the near-term policy rate hike optionality, in our view,” UBS analysts noted. The Japanese yen surged by as much as 1% against the US dollar in response to the BOJ announcement. It has stayed above the central bank’s inflation target for the fifteenth straight month. On paper, the headline numbers suggest the BOJ’s inflation target has already been met.

Persons: ”, Stephen Innes, “, Kazuo Ueda Organizations: CNN, Bank of Japan, Bank, UBS, US Federal Reserve, European Central Bank, Nikkei Locations: Japan, EU, China

☆ Oil prices open lower on demand concerns, remain on track for weekly gain
▼ + stars: | 2023-07-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell in early Asian trade on Friday as demand concerns weighed against strong economic data. Brent crude fell 59 cents, or 0.7%, to $83.65 a barrel by 0027 GMT, but was on track for a weekly 5% increase. U.S. West Texas Intermediate crude fell 51 cents, or 0.6%, to $79.58 a barrel, on track for a 5.2% weekly increase. Oil rose last session as fears of a global economic slowdown were eased by strong earnings reports and better-than-expected U.S. economic data. On Wednesday, the U.S. Federal Reserve implemented another 25 basis point interest rate hike as widely expected, and the European Central Bank followed suit on Thursday.

Persons: Brent, Jerome Powell's, Jim Ritterbusch Organizations: . West Texas, Commerce Department, U.S, Federal, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates Locations: Ras Behar, Egypt, Galena , Illinois

☆ The Bank of Japan just shocked markets with a policy tweak — here's why it matters
▼ + stars: | 2023-07-28 | by ( Silvia Amaro | ) www.cnbc.com time to read: +5 min

Kazuo Ueda, governor of the Bank of Japan (BOJ). Bloomberg | Bloomberg | Getty ImagesThe Bank of Japan announced Friday "greater flexibility" in its monetary policy — surprising global financial markets. The central bank loosened its yield curve control — or YCC — in an unexpected move with wide-ranging ramifications. When asked if the central bank had shifted from dovish to neutral, he said: "That's not the case. MUFG said that Friday's "flexibility" tweak shows the central bank is not yet ready to end this policy measure.

Persons: Kazuo Ueda, Shigeto Nagai, CNBC's, —, Duncan Wrigley, MUFG, Governor Ueda, Michael Metcalfe, Metcalfe Organizations: Bank of Japan, Bloomberg, Getty, of Japan, Nasdaq, Oxford Economics, disinflation, Capital Economics, U.S, U.S . Federal, Bank, Pantheon, Street Global Locations: Europe, Japan, U.S ., China, dovish

☆ Why is the US dollar losing its shine?
▼ + stars: | 2023-07-28 | by ( Krystal Hur | ) edition.cnn.com time to read: +4 min

CNN —The US dollar’s decline has gained speed this month as investors pare back their interest rate expectations. Last week, that helped lead the US Dollar Index, which tracks the dollar versus the British pound, euro, Swiss franc, Japanese yen, Canadian dollar and Swedish krona, to its lowest level in more than a year. The dollar’s decline could offer some support to tech earnings, further boosting those stocks and in turn the broader rally. Gold prices have risen over 6% this year, supported by sliding Treasury yields and a decline in the dollar. The Dow slips to snap 13-day rallyThe Dow Jones Industrial Average index fell Thursday, cutting short a historic 13-day streak of gains.

Persons: pare, ”, Kathy Jones, Charles Schwab, Jones, Seema Shah, “ It’s, Shah, Gold, Dow, Read, Barbie ”, “ Oppenheimer, Matt Egan, “ Barbie, “ Oppenheimer ” Organizations: CNN Business, Bell, CNN, Federal, Swiss, Canadian, Fed, Microsoft, Apple, Asset Management, Japan, European Central Bank, Dow Jones, Nasdaq, Bank of America, Warner Bros Locations: Swedish

☆ Bank of Japan has its cake and eats it
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

Governor Kazuo Ueda on Friday shocked global markets by pledging more flexibility in the Bank of Japan’s (8301.T) yield curve control scheme, its mechanism for controlling long-term interest rates. The central bank said its previous rigid target of keeping yields on 10-year sovereign bonds in a range of 0.5% to minus 0.5% was now just a “reference”. And it promised to buy 10-year bonds at 1%, which Ueda defined as a “just-in-case” cap. Traders immediately breached the officially unchanged range; the yield on 10-year government bonds hit a 9-year high of 0.575%. Instead, the bank may have found a way to make it more sustainable.

Persons: Kazuo Ueda, Ueda, Francesco Guerrera, Oliver Taslic Organizations: Reuters, Bank of Japan’s, Traders, Global, Twitter, Consumers, Thomson Locations: MUMBAI, Japan, Una

☆ Global money market funds draw big weekly inflows on investor caution
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

According to Refinitiv Lipper data, global money market funds drew investments worth a net $38.74 billion in the week ended July 26, the biggest amount since July 5. Reuters Graphics Reuters GraphicsThe U.S. and European money market funds attracted purchases worth $24.62 billion and $11.84 billion, respectively, on a net basis. Global equity funds drew about $1.3 billion worth of inflows after witnessing a weekly outflow of $2.2 billion the previous week. They also disposed of about $34 million worth of precious metal funds in their ninth weekly net selling in a row. Meanwhile, data for 24,115 emerging market funds showed bond funds received $1.14 billion, the biggest amount in three weeks, while equity funds had a third weekly net purchase worth about $157 million.

Persons: Kai Pfaffenbach, Gaurav Dogra, Patturaja, Varun Organizations: European Central Bank, REUTERS, Federal Reserve, Bank of Japan, Reuters Graphics Reuters, Global, Corporate, Thomson Locations: Frankfurt, Germany, Bengaluru

July 28 (Reuters) - Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts. Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase. But recent interest rate increases from global central banks seeking to tame stubborn inflation raised questions about long term demand. Earlier this week oil fell after data showed U.S. crude inventories fell less than expected.

Persons: Brent, Jerome Powell's, Baden Moore, Jim Ritterbusch, Laura Sanicola, Andrew Hayley, Lincoln, Sonali Paul Organizations: . West Texas, Commerce Department, Federal, Organization of, Petroleum, bbl, National Australia Bank, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates, Thomson Locations: U.S, 3Q23, Saudi, Galena , Illinois, Washington, Beijing

☆ Yen advances on BOJ policy tweak speculation, dollar steady
▼ + stars: | 2023-07-28 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The Nikkei newspaper reported the central bank will maintain its 0.5% cap for the 10-year government bond yield, but discuss allowing long-term interest rates to rise above that level by a certain degree. The Japanese yen strengthened as much as 0.55% to 138.72 per dollar before losing steam to trade at 139.37 on Friday. The BOJ last December stunned the market by widening the yield band and allowing the 10-year yield to rise by up to 0.5%. The story so far has been of policymakers sticking to expectations with the Federal Reserve and the European Central Bank hiking by 25 basis point each earlier in the week. Against a basket of currencies, the dollar shot up 0.059% at 101.74, having risen 0.66% overnight.

Persons: Carol Kong, Christine Lagarde, Lagarde, Jerome Powell, Rodrigo Catril, Ankur Banerjee, Sam Holmes Organizations: Bank of Japan, Nikkei, Commonwealth Bank of Australia, Federal Reserve, European Central Bank, ECB, Fed, National Australia Bank . Data, Labor Department, Thomson Locations: SINGAPORE, U.S, Singapore

☆ Yen rises amid reports the Bank of Japan may discuss 'tweaking' policy
▼ + stars: | 2023-07-28 | by ( Sumathi Bala | ) www.cnbc.com time to read: +1 min

The yen was hovering around the 139.13 mark against the U.S. dollar at about 11:25 a.m. Hong Kong/Singapore time. The Japanese yen rose on Friday morning in Asia, on the back of a report that the Bank of Japan could potentially "discuss tweaking" its yield curve control policy at today's policy meeting. Under its yield curve control policy, the central bank targets short-term interest rates at -0.1% and the 10-year government bond yield at 0.5% above or below zero. With inflation having exceeded the BOJ's 2% target, concerns are rising that Japan's relatively low interest rates have made the yen less attractive and vulnerable to selling. Central banks around the world have raised rates aggressively to rein in on inflation, but Japan has continued to maintain an ultra-loose monetary policy and kept rates low.

Persons: — CNBC's Lim Hui Jie Organizations: Nikkei, U.S, Bank of Japan Locations: Hong Kong, Singapore, Asia, Japan

Three months ago, a Reuters poll predicted prices would average $1,950 in 2023. Standard Chartered analyst Suki Cooper said gold is "more likely to test the downside until rate cuts materialise unless a new catalyst emerges". For silver , the poll forecast average prices of $23.52 an ounce in 2023 and $25.00 in 2024. "Anaemic performance from gold and concerns over economic outlook especially in China" have weighed on silver, O'Connell added. But silver could still find support from solar panels demand, analysts said.

Persons: Ross Norman, Carsten Menke, Julius Baer, Suki Cooper, Rhona O'Connell, Silver, O'Connell, Ashitha Shivaprasad, Harshit Verma, Arpan Varghese, Barbara Lewis Organizations: Federal Reserve, U.S, Thomson Locations: China, Bengaluru

[1/2] European Central Bank (ECB) President Christine Lagarde speaks to the media following the Governing Council's monetary policy meeting at ECB headquarters in Frankfurt, Germany, July 27, 2023. The Bank of England is expected to raise rates again next week following similar positive inflation news. Meanwhile on Friday, the Bank of Japan opened the debate on plans to bring its ultra-loose policies to an end. The Fed's benchmark overnight interest rate now stands in the 5.25%-5.50% range, while the ECB's main rate is 3.75%. While bond markets took a cue from the faster growth, and pushed yields on Treasuries higher, the days of coordinated global tightening may be numbered.

Persons: Christine Lagarde, Kai Pfaffenbach, Jerome Powell, Powell, Lagarde, Krishna Guha, Howard Schneider, Francesco Canepa, Balazs Koranyi, Leika, Dan Burns, Paul Simao Organizations: European Central Bank, ECB, REUTERS, WASHINGTON, U.S . Federal Reserve, The Bank of England, Bank of Japan, Reuters, U.S, Graphics, Thomson Locations: Frankfurt, Germany, FRANKFURT, TOKYO, Europe, United States, Graphics New, Tokyo

July 27 (Reuters) - British asset manager Schroders (SDR.L) reported a drop in first-half assets under management on Thursday, due to weaker investor sentiment and market volatility. Schroders' assets under management fell to 726.1 billion pounds ($940 billion) in the six months to June 30, from 737.5 billion pounds at December-end. The company generated 5.7 billion pounds in net new business, excluding joint ventures and associates. In contrast, Jupiter Fund Management (JUP.L) jumped 14% to the top of the FTSE mid-cap (.FTMC) after it reported assets under management rose 2% to 51.4 billion pounds. The fund manager saw "small" net inflows of 23 million pounds, helped by institutional client demand.

Persons: Schroders, Calastone, Peter Harrison, Jefferies, James's, Peel Hunt, Eva Mathews, Savio D'Souza, Sinead Cruise, Sharon Singleton Organizations: Reuters, Bank of England, JPMorgan, Jupiter Fund, Peel, Thomson Locations: British, Bengaluru

REUTERS/Dado Ruvic/IllustrationORLANDO, Florida, July 26 (Reuters) - Remember the U.S. twin deficits? The dollar did fall - around 40% between the dotcom bust and the global financial crisis - and the twin deficits were a factor. Indeed, when the twin deficits really exploded in 2008 as the government and Fed fought to prevent another Great Depression, the dollar actually rose 25%. "Twin deficits are inherently unsustainable – for Treasuries and the dollar - unless there is a shift towards a deflationary environment that stimulates demand for sovereign debt instruments," Costa said. Persistently wide twin deficits will test the appetite to use the dollar as the savings currency of choice for investors and countries around the world.

Persons: Dado Ruvic, Mark Carney, Tavi, Costa, Meera Chandan, Octavia Popescu, Bill, Jamie McGeever, Tomasz Janowski Organizations: REUTERS, Fed, Reuters, Bank of England, Crescat, Treasuries, United, Office, Thomson Locations: ORLANDO , Florida, U.S, Britain, United States, Americas, Washington

☆ Big central banks hike again with end in sight
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +5 min

To date, nine developed economies have raised rates by a combined 3,840 basis points (bps) in this cycle. Expectations for a big rate increase have eased after latest data showed inflation fell to a softer-than-expected 7.9% in June. Markets think there's a 50% chance of a 25 bps increase in September, and an equal chance of a hold. Reuters Graphics10) JAPANThe Bank of Japan, the world's most dovish major central bank, concludes a two-day meeting on Friday. The central bank is leaning towards keeping the dial set to dovish, Reuters reported last week.

Persons: Jerome Powell, BoE, Philip Lowe's, Michele Bullock, Riksbank, Kazuo Ueda, Nell Mackenzie, Alun John, Naomi Rovnick, Harry Robertson, Chiara Elisei, Vincent Flasseur, Sumanta Sen, Pasit, Sharon Singleton Organizations: UNITED, Federal Reserve, ZEALAND, Reserve Bank of New, Reuters, BRITAIN, Bank of England, Bank of Canada, BoC, European Central Bank, Norges Bank, bps, Swiss National Bank, Markets, Bank of Japan, Thomson Locations: Japan, Reserve Bank of New Zealand, AUSTRALIA, NORWAY, Norway, SWEDEN, SWITZERLAND, JAPAN

☆ Morning Bid: Over to you, Bank of Japan
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, July 28 (Reuters) - A look at the day ahead in Asian markets from Stephen Culp, financial markets columnist. Could this be a landmark day for the Bank of Japan? The news was "the biggest driver of today's performance," according to Michael Green, portfolio manager and chief investment strategist at Simplify Asset Management. Reuters GraphicsEarlier in the day, U.S. stocks were buoyed and fears of a global economic slowdown were abated by upbeat earnings reports and a raft of better-than-expected U.S. economic data. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Stephen Culp, it's, Michael Green, Jerome Powell's, Marguerita Choy Organizations: YORK, Bank of, Bank of Japan, Nikkei, Dow Jones Industrial, Management, U.S . Federal Reserve, European Central Bank, U.S . Commerce, Federal, Commerce Department, Tokyo CPI, PPI, Carolina, Thomson, Reuters Locations: Bank of Japan, U.S, Japan, Tokyo, Australia, Korea

☆ ECB mulled raising banks' mandatory reserves in inflation fight -sources
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +3 min

The ECB raised interest rates for the ninth consecutive time on Thursday in its year-long effort to bring down inflation. It also decided to stop remunerating banks' minimum reserves to contain the amount it pays in interest and the losses it is likely to make. The ECB is currently remunerating lenders' mandatory reserves in the same way as their deposits, which are reserves held above the minimum. On Thursday it increased the deposit rate to 3.75%, in a widely expected decision, while cutting to zero the rate on minimum reserves. "Since then, the efficiency aspect has risen in relevance, in line with the higher level of the key ECB interest rates," it said.

Persons: Arne Petimezas, Petimezas, Francesco Canepa, Balazs Koranyi, Valentina Za, Christina Fincher, Catherine Evans Organizations: Central Bank, Reuters, ECB, AFS Group, Thomson Locations: FRANKFURT, Amsterdam

With its latest 25 basis point interest rate increase now in the books, the Fed has raised the benchmark overnight interest rate by 525 basis points since March 2022 to a level last seen before the 2007 housing market crash in a fight to bring down inflation. Still, some fixed income investors have remained on edge over how long the Fed can keep interest rates at restrictive levels without sparking an economic downturn. Meanwhile, Fed funds futures traders saw increased probability of another interest rate increase in September. To be sure, investors had badly overestimated the chances for recession at the beginning of this year and could be wrong again. Over the past year the unemployment rate has remained stubbornly low and growth has run consistently above trend.

Persons: Jerome Powell, Gurpreet Gill, Goldman Sachs, Powell, Kristy Akullian, It's, Adam Hetts, Janus Henderson, Mike Sanders, Blair Shwedo, Davide Barbuscia, David Randall, Ira Iosebashvili Organizations: YORK, Federal Reserve, Fed, Goldman Sachs Asset Management, Barclays, BlackRock, Investment, Treasury, Janus, Janus Henderson Investors, Madison Investments, U.S . Bank, Thomson

Traders also awaited policy decisions from the European Central Bank (ECB) and Bank of Japan (BoJ) this week. FOCUS ON CENTRAL BANKSElsewhere, the ECB sets policy on Thursday. Again, a quarter point hike is widely expected, but building evidence of an economic slowdown has called into question the chances of another by year-end. The Australian dollar slid 0.4% to $0.6766 after slower-than-expected inflation data suggested the Reserve Bank of Australia (RBA) would forgo a rate hike on Aug. 1. Money markets are split between a 25 basis point (bp) or a 50 bp rate hike.

Persons: Jerome, Powell, Joseph Capurso, Capurso, Sean Callow, Sterling, Kevin Buckland, Joice Alves, Mark Potter Organizations: Federal, Traders, European Central Bank, Bank of Japan, U.S, Money, Commonwealth Bank of Australia, FOCUS, ECB, Australian, Reserve Bank of Australia, Westpac, U.S ., Bank of, Thomson Locations: LONDON, U.S, Beijing, China, Bank of England, Tokio, London

☆ Dollar near two-week high as Fed decision looms; Aussie falls
▼ + stars: | 2023-07-26 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

The Australian dollar slid after benign inflation data suggested the Reserve Bank of Australia would forgo a rate hike next week. The euro slipped 0.16% to $1.1042, bringing it close to the previous session's low of $1.1036, a level last seen on July 12. In the latest data, U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. Meanwhile, the European Central Bank sets policy on Thursday. The dollar added 0.12% to 141.15 yen on Wednesday, following a rebound from a multi-week low of 137.245 mid-month.

Persons: Jerome, Powell, Joseph Capurso, Sean Callow, Kevin Buckland, Muralikumar Organizations: Australian, Reserve Bank of Australia, U.S, Federal, U.S . Federal Reserve, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, Westpac, Thomson Locations: TOKYO, Beijing, China

☆ Limited support for central bank digital currencies in global investment industry survey
▼ + stars: | 2023-07-26 | by ( Marc Jones | ) www.reuters.com time to read: +3 min

LONDON, July 26 (Reuters) - The most comprehensive survey of the global investment industry on central bank digital currencies to date has shown both limited support and a lack of understanding of how a digital dollar, euro, yen or pound would work. The survey carried out by the CFA Institute, a worldwide association for bankers, investors and finance chiefs, found that only 42% of the more than 4,150 respondents who took part believed that central bank digital currencies, or CBDCs, should be launched. Only 37% of respondents from developed markets said they favoured a CBDC versus 61% from emerging markets. Data privacy was also a major concern for 64% of respondents in developed markets and 57% in developing economies. Less than a quarter of respondents under 30 opposed them, the survey found, compared with 37% among those over 55.

Persons: Olivier Fines, Andrew Bailey, Marc Jones, Leslie Adler Organizations: CFA Institute, CFA, European Union, People's Bank of, Bank of England, CBDCs, Thomson Locations: Bahamas, Nigeria, United States, Canada, United Kingdom, China, People's Bank of China, India, Central

July 27 (Reuters) - A look at the day ahead in Asian markets from Jamie McGeever, financial markets columnist. The Nasdaq fell only 0.1% and 'big tech' fell less than 1% but that masked huge moves in some shares which added or wiped out tens of billions of dollars of market cap. Back in Asia, a sense of realism returned over the expected measures from Beijing to revitalize the economy. After outsized gains on Tuesday - a 14% surge in property stocks - major indices in China and Hong Kong closed in the red. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jamie McGeever, Jerome Powell, Dow Jones, Deepa Babington Organizations: Federal, Fed, ECB, Bank of, U.S, Nasdaq, Microsoft, Meta, Facebook, Investors, Central Bank, Thomson, Reuters Locations: Asia, U.S, Beijing, China, Hong Kong, Australia

☆ Morning Bid: Markets brace for Fed decision, earnings flood
▼ + stars: | 2023-07-26 | by ( ) www.reuters.com time to read: +2 min

Investors will be listening carefully to Chair Jerome Powell for indications of whether or not another interest rate hike is in the pipeline. The Fed's communication could set the tone for markets ahead of policy decisions from the European Central Bank (ECB) on Thursday and the Bank of Japan (BOJ) on Friday. Reuters GraphicsEuro zone June M3 annual growth and lending data on Wednesday are unlikely to affect markets ahead of the ECB's decision. Chinese stock markets were mostly lower on Wednesday following a steep rally the day before. China's blue-chip CSI300 (.CSI300) index was down 0.3% while the CSI 300 Real Estate index gained 0.2%.

Persons: Brigid Riley, Jerome Powell, HSI, Sonali Desai, Edmund Klamann Organizations: Federal Reserve, Federal, Market, European Central Bank, Bank of Japan, ECB, Reuters, Fisher, Union Pacific Corp, eBay, Boeing, Microsoft, Carrefour, Danone, GSK, CSI, CPI, Reserve Bank of Australia, U.S, Fed, Thomson Locations: United States, U.S, Europe, France, Asia, China

☆ Dollar near two-week high as Fed decision looms, Aussie falls
▼ + stars: | 2023-07-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar hovered close to a two-week high versus the euro on Wednesday, while the yen consolidated near the middle of its range this month as traders awaited crucial policy decisions from the nations' central banks this week. The Australian dollar slid after benign inflation data suggested the Reserve Bank of Australia would forgo a rate hike next week. In the latest data, U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. "If the ECB retain their hawkish bias, by no means guaranteed but more likely than the FOMC, euro is likely to track higher this week." The dollar added 0.12% to 141.15 yen on Wednesday, following a rebound from a multi-week low of 137.245 mid-month.

Persons: Jerome, Powell, Joseph Capurso, Sean Callow Organizations: Australian, Reserve Bank of Australia, U.S, Federal, U.S . Federal Reserve, European Central Bank, Commonwealth Bank of Australia, ECB, Bank of Japan, Westpac Locations: Beijing, China

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