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☆ Dollar in holding pattern as U.S. inflation test looms, PBOC supports yuan
▼ + stars: | 2023-08-10 | by ( ) www.cnbc.com time to read: +4 min

A Chinese 100 yuan banknote, a 1 U.S. dollar bill and a 50 euro banknote are lying on a table. The Australian and New Zealand dollars hovered close to two-month lows amid a worsening economic outlook for key trade partner China. The dollar was little changed at 143.79 yen , after earlier drifting to the highest since July 7 at 143.90. Elsewhere, the Chinese yuan tacked on about 0.1% to 7.2235 per dollar in offshore trading after the PBOC set a stronger official mid-point than the market consensus for a second day. New Zealand's kiwi was flat at $0.6053, just above Tuesday's low of $0.6035, which was the weakest since June 8.

Persons: —, Tony Sycamore, Sycamore, Kristina Clifton, Joe Biden Organizations: Federal Reserve, Bank of Japan, New, People's Bank of China, Street, Fed, Commonwealth Bank of Australia, U.S Locations: U.S, New Zealand, China, Japan

☆ Asian shares hesitant on China deflation risk, bank jitters
▼ + stars: | 2023-08-09 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

The MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) edged 0.4% higher after a 1.2% tumble a day earlier. Closely watched China data on Wednesday showed consumer prices fell 0.3% in July from a year ago, the first decline since February 2021, although it was slightly better than the forecast of a 0.4% drop. Producer prices fell for a 10th consecutive month. 10-year yields slipped 2 basis points to 4.004%, after falling 5 basis points overnight to as low as 3.9840%, a one-week trough. Brent crude futures eased 0.2% to $86.02 per barrel and U.S. West Texas Intermediate crude futures also fell 0.2% to $82.73.

Persons: Issei Kato, Carol Kong, Kong, Chetan Ahya, Morgan Stanley, Dow, Stella Qiu, Jamie Freed, Edmund Klamann Organizations: REUTERS, Japan's Nikkei, Commonwealth Bank of Australia, Wall, Nasdaq, U.S, Brent, . West Texas, Thomson Locations: Tokyo, Japan, China, SYDNEY, Italy, Asia, Pacific, Hong Kong, Brazil

Banks now must sacrifice profit to keep customers who are struggling to make repayments on time. Cash profit for the year ended June 30 rose 6% to A$10.16 billion, slightly ahead of analyst forecasts, but CBA put aside $A1.47 billion more in provisions due to "ongoing cost of living pressures and rising interest rates". CBA stopped offering cash payments for mortgage refinancings to lure new borrowers in June, which CEO Matt Comyn said had "weighed on our market share". CBA's mortgage book grew in line with the total market in 2023. The number of borrowers struggling to repay loans, while rising, remained below pre-pandemic levels "but these figures will rise", Comyn said.

Persons: Banks, Matt Comyn, Comyn, Australia's, Byron Kaye, Sameer Manekar, Anil D'Silva, Stephen Coates, Jamie Freed Organizations: CBA, SYDNEY, Commonwealth Bank of Australia, Citi, National Australia Bank, Westpac, ANZ Group, Thomson Locations: COVID, Sydney, Bengaluru

☆ Dollar creeps higher ahead of US, China economic data
▼ + stars: | 2023-08-08 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The trade figures come a day ahead of the country's inflation reading, with markets on the lookout for further signs of deflation in the world's second-largest economy. Ahead of the data release, the offshore yuan was little changed at 7.2039 per dollar. The Aussie slipped 0.05% to $0.6571, while the kiwi fell 0.08% to $0.6102. "This week's economic data ... will continue to paint a picture of a weak Chinese economic recovery," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "With the (Federal Reserve's) interest rate policymaking remaining data dependent, every data point has been eliciting an even higher level of vigilance," said Gary Dugan, chief investment officer at Dalma Capital.

Persons: Jo Yong, Carol Kong, Sterling, Gary Dugan, Rae Wee, Sam Holmes Organizations: Korea Exchange Bank, REUTERS, New, Commonwealth Bank of Australia, Aussie, U.S, ANZ, Dalma, Thomson Locations: Seoul, SINGAPORE, U.S, Asia, New Zealand

"The big thing we're watching for is any sign that rates of bad and doubtful debt are rising," Macquarie analysts said. Analysts at Citi expect cash profit to rise 3.5% to A$9.93 billion, while a Visible Alpha consensus estimate stands at A$10.11 billion. "Most banks may maintain buy-backs and lift dividends as they are still healthy on capital ratios." The heavyweight banking index, the S&P/ASX 200 Financials (.AXFJ), has gained 0.4% so far this year, as of last close. ($1 = 1.5230 Australian dollars)Reporting by Upasana Singh and Rishav Chatterjee in Bengaluru; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

Persons: David Gray, Banks, Macquarie, Morgan Stanley, Tina Teng, Upasana Singh, Rishav Chatterjee, Anil D'Silva Organizations: REUTERS, Commonwealth Bank of Australia, National Australia Bank, Westpac, ANZ Group, Reserve Bank of Australia, Macquarie, CBA, Citi, NAB, ANZ, WBC, Thomson Locations: Melbourne, Southbank, Australia, Bengaluru

☆ Oil prices edge up as production cuts keep market supported
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: +2 min

An offshore drilling platform stands in shallow waters at the Manifa offshore oilfield, operated by Saudi Aramco, in Manifa, Saudi Arabia, on Wednesday, Oct. 3, 2018. Oil prices rose in early trade on Tuesday as supply concerns arising from production cuts by Saudi Arabia and Russia supported the market. But Saudi and Russia's production cut could remain a bullish factor to oil markets," said CMC Markets analyst Tina Teng in a note. "Saudi Arabia's decision to extend production cuts into September despite Brent futures rising above $80 per barrel suggests that the kingdom may be targeting a higher price than $80 per barrel." It maintained oil output cuts of 3.66 million barrels per day for 2023, and extended and deepened cuts from January 2024 by a further 1.4 million barrels per day.

Persons: Tina Teng, Vivek Dhar, Brent Organizations: Saudi Aramco, Brent, U.S, West Texas, Saudi, Commonwealth Bank of Australia, Organization of, Petroleum, OPEC Locations: Manifa, Saudi Arabia, Russia, China, United States, OPEC, Saudi

☆ Dollar creeps higher ahead of U.S., China economic data
▼ + stars: | 2023-08-08 | by ( ) www.cnbc.com time to read: +3 min

The dollar inched higher on Tuesday but traded in a narrow range as investors were hesitant to take on new positions ahead of a key U.S. inflation reading this week, while focus in Asia turned to China's trade data out later in the day. The trade figures come a day ahead of the country's inflation reading, with markets on the lookout for further signs of deflation in the world's second-largest economy. Ahead of the data release, the offshore yuan was little changed at 7.2039 per dollar. The Aussie slipped 0.05% to $0.6571, while the kiwi fell 0.08% to $0.6102. "With the (Federal Reserve's) interest rate policymaking remaining data dependent, every data point has been eliciting an even higher level of vigilance," said Gary Dugan, chief investment officer at Dalma Capital.

Persons: Carol Kong, Sterling, Gary Dugan Organizations: New, Commonwealth Bank of Australia, Aussie, U.S, ANZ, Dalma Locations: U.S, Asia, New Zealand

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

☆ Australia holds rates steady, might be done tightening
▼ + stars: | 2023-08-01 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

Markets had leaned toward a steady outcome given recent data showed inflation had eased for a second quarter and consumer spending was softening. However, economists were more split on the outcome, with 20 out of 36 polled by Reuters expecting a hike. Swaps now implied a risk of around 13 basis points of tightening by year end. In a relief for policymakers, headline inflation slowed more than expected in the second quarter while retail sales posted their biggest fall this year in June. "While the RBA retains a tightening bias, we expect the hurdle to another rate hike is high.

Persons: Philip Lowe, Lowe, Michele Bullock, Belinda Allen, Goldman Sachs, Hebe Chen, Stella Qiu, Wayne Cole, Anisha Sircar, Sam Holmes Organizations: SYDNEY, Reserve Bank of Australia, Reuters, Commonwealth Bank of Australia, CBA, National Australia Bank, IG, Reuters Global Markets, Thomson

☆ Yen eases to 3-week low as traders weigh BOJ shift; focus on RBA
▼ + stars: | 2023-08-01 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

"As the new line in the sand is 1%, it would make sense to broaden the YCC band by this level." Investor attention during Asian hours will be on the policy decision from the Reserve Bank of Australia. "However, we expect any post RBA strength in Aussie to be short lived given the weak global economic outlook." Bank of England's policy meeting on Thursday is in the spotlight, with markets evenly divided between a 25- and 50-basis-point increase. Reporting by Ankur Banerjee in Singapore; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Carlos Casanova, Kristina Clifton, CBA's Clifton, Sterling, Ankur Banerjee, Muralikumar Organizations: of Japan's, Reserve Bank of, Reserve Bank of Australia, Commonwealth Bank of Australia, Survey, Bank of, Thomson Locations: SINGAPORE, Asia, Hong Kong, U.S, Singapore

☆ Point of no return: Australians fight for the right to work from home permanently
▼ + stars: | 2023-08-01 | by ( Byron Kaye | ) www.reuters.com time to read: +6 min

You can actually finish work at five, rather than finishing at five spending 45 minutes trying to get home." When you have a jolt, you never return to the way the world was," said John Buchanan, head of the University of Sydney's Health and Work Research Network. That same week, the public sector union struck a deal the which lets Australia's 120,000 federal employees request work-from-home an unlimited number of days. By comparison, Canada's federal workers ended a two-week strike in May with a wages agreement that came without the WFH protections they wanted. Among employees with WFH experience, 19% wanted to return to the office full-time, the survey found.

Persons: David Gray, SYDNEY, Nicholas Coomber, Coomber, Jamie Dimon, Elon Musk, John Buchanan, We're, Jones Lang Lasalle, Melissa Donnelly, WFH, Mathias Dolls, Jim Stanford, Stanford, Byron Kaye, Miral Organizations: REUTERS, JPMorgan Chase, Twitter, University of Sydney's Health, Work Research, Commonwealth Bank of Australia, National Australia Bank, NAB, European Union, Community, Public Sector Union, CBA, ifo, Macroeconomics, Stanford University, Workers, Centre, Australia Institute, Thomson Locations: Melbourne, Southbank, Australia, New Zealand, Tokyo, New York, JLL.N, Hamburg

☆ Yen eases to 3-week low as traders weigh BOJ shift, focus on RBA
▼ + stars: | 2023-08-01 | by ( ) www.cnbc.com time to read: +3 min

The yen slipped to a fresh three-week low on Tuesday as traders pondered the Bank of Japan's steps last week to tweak its yield curve control policy, while the Australian dollar was soft ahead of the Reserve Bank of Australia's policy decision. "As the new line in the sand is 1%, it would make sense to broaden the YCC band by this level." Investor attention during Asian hours will be on the policy decision from the Reserve Bank of Australia. "However, we expect any post RBA strength in Aussie to be short lived given the weak global economic outlook." Bank of England's policy meeting on Thursday is in the spotlight, with markets evenly divided between a 25- and 50-basis-point increase.

Persons: Carlos Casanova, Kristina Clifton, CBA's Clifton Organizations: of Japan's, Reserve Bank of, Reserve Bank of Australia, Commonwealth Bank of Australia, Survey, Bank of Locations: Asia, Hong Kong, U.S

☆ Yen eyes first monthly gain since March, dollar headed for monthly loss
▼ + stars: | 2023-07-31 | by ( ) www.cnbc.com time to read: +3 min

Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. Photo taken on April 20, 2022 shows the Japanese yen and U.S. dollar banknotes in Tokyo, Japan. The U.S. dollar was conversely headed for a monthly loss on the prospect that the Federal Reserve's aggressive rate-hike cycle, a key driver of the dollar's strength, could have concluded with last week's 25-basis-point increase. Elsewhere, the dollar edged broadly lower in early Asia trade, with the dollar index steadying at 101.62. It was headed for a monthly decline of roughly 1.2%, extending its loss to a second month.

Persons: they've, Chris Weston, Carol Kong, Sterling, CBA's Organizations: U.S, Bank of Japan, Federal, Market Committee, Commonwealth Bank of Australia, Central Bank, Bank of, Australian, New Zealand Locations: Tokyo, Japan, Asia, U.S

☆ Yen eyes first monthly gain since March; dollar headed for monthly loss
▼ + stars: | 2023-07-31 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

The yen was about 0.3% lower at 141.57 per dollar, but was headed to end July with a roughly 2% gain, its first monthly rise since March. The dollar eventually ended the Friday session with a 1.2% gain against the Japanese currency, though that was after it had slid 1% to a session-low of 138.05 yen. DOLLAR EYES MONTHLY LOSSThe U.S. dollar was headed for a monthly loss on the prospect that the Federal Reserve's aggressive rate-hike cycle - a key driver of the dollar's strength - could have concluded with last week's 25-basis-point increase. The dollar index was last 0.11% higher at 101.72, but was eyeing a monthly decline of more than 1%, extending its loss to a second month. The euro rose 0.02% to $1.1017 and was eyeing a monthly gain of about 1%, though last week's European Central Bank policy meeting similarly raised the possibility of a rate pause in September.

Persons: they've, Chris Weston, Carol Kong, Sterling, Rae Wee, Himani Sarkar Organizations: Bank of Japan, U.S, Federal, Market, Commonwealth Bank of Australia, Central Bank, Bank of, Thomson Locations: SINGAPORE, Asia, U.S

☆ Reactions to Bank of Japan's monetary policy decision
▼ + stars: | 2023-07-28 | by ( ) www.reuters.com time to read: +2 min

July 28 (Reuters) - The Bank of Japan maintained ultra-low interest rates on Friday but took steps to make its yield curve control policy more flexible, underscoring growing concerns over the rising side- effects of prolonged monetary easing. It also maintained guidance allowing the 10-year yield to move 0.5% around the 0% target, but said those would be "references" rather than "rigid limits". The benchmark 10-year Japanese government bond yield remained at 0.5%, the BOJ's policy ceiling under YCC. "We maintain our view the BOJ will keep its ultra-easy monetary policy settings unchanged this year, and expect USD/JPY to remain solid at 140 by the end of this quarter." MOH SIONG SIM, CURRENCY STRATEGIST, BANK OF SINGAPORE, SINGAPORE"By the time the decision come in, we're not surprised given the overnight Nikkei report.

Persons: CAROL KONG, we're, It's, they're, MATT SIMPSON, Subhranshu Organizations: Bank of Japan, Japan's Nikkei, COMMONWEALTH BANK OF, BANK OF SINGAPORE, Nikkei, Thomson Locations: SYDNEY, SINGAPORE, BRISBANE

☆ 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

☆ 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

☆ Oil up as supply tightness view offsets concerns from rate hikes
▼ + stars: | 2023-07-27 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Thursday as investors focused on expectations of tighter supplies from top oil producers, helping reverse earlier losses that were driven by worries that the hike in interest rates by the U.S. will hurt demand. The promise of economic stimulus in China, the world's second-biggest oil consumer, also lent support to the market. Brent crude futures were up 36 cents, or 0.4%, at $83.28 barrel by 0101 GMT, while U.S. West Texas Intermediate, or WTI, crude rose to $79.26, up 48 cents, or 0.6%. The European Central Bank is also expected to raise interest rates for the ninth time in a row on Thursday, which may not be the end to the policy tightening amid persistent inflation. Oil prices have rallied for four weeks, buoyed by signs of tighter supplies, largely linked to output cuts by Saudi Arabia and Russia, as well as Chinese authorities' pledges to shore up the world's second-biggest economy.

Persons: Cushing, Brent Organizations: TotalEnergies, Brent, U.S, West Texas, Federal Reserve, European Central Bank, ANZ Research, Commonwealth Bank of Australia Locations: Leuna, Germany, U.S, China, Saudi Arabia, Russia

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

☆ 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

The European common currency fell 0.4% to $1.1083 , skidding after a quiet Asian session on PMI data that showed euro zone business activity shrank much more than expected in July. The pound dropped after British activity data, but less dramatically and was last down 0.1% at $1.2839. The yen strengthened with the dollar down 0.47% at 141.2 yen , and the euro down 0.7% at 156.6 yen. The Swiss franc was steady at 0.8648 per dollar, and the dollar index was up 0.1% at 101.2. Reporting by Tom Westbrook; Editing by David Holmes and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Simon Harvey, Bob Savage, Tom Westbrook, David Holmes, Jacqueline Wong Organizations: SYDNEY, PMI, Reserve, European Central Bank, Bank of Japan, Investors, ECB, Fed, U.S, BNY Mellon, The Bank of Japan, Reuters, Commonwealth Bank of Australia, Swiss, Thomson Locations: LONDON, Europe, United States, Ukraine

☆ Dollar firms, yen wobbles as Japan inflation holds above BOJ target
▼ + stars: | 2023-07-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA), said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. More than three-quarters of economists polled by Reuters expect the BOJ to hold policy steady including its yield control scheme. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. The onshore yuan firmed against the dollar and was last at 7.1693 per dollar after the central bank set a much stronger guidance than expected.

Persons: Carol Kong, Kong, Kazuo Ueda, Scherrmann, Ankur Banerjee, Sam Holmes Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Reuters, Sterling, Fed, European Central Bank, Thomson Locations: SINGAPORE, Central, Europe, Japan, United State, U.S, Singapore

☆ Dollar firms, yen steady after Japan inflation holds above BOJ target
▼ + stars: | 2023-07-21 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA), said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. "The window for the BOJ to tighten policy is narrowing," Kong said, adding that CBA's base case is for the BOJ to keep monetary policy unchanged this year. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. Against a basket of currencies, the dollar rose 0.03% at 100.78, after gaining 0.5%.

Persons: Carol Kong, Kong, Kazuo Ueda, Ryan Brandham, Ankur Banerjee, Sam Holmes Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Validus Risk Management, Fed, European Central Bank, Thomson Locations: SINGAPORE, Central, Europe, Japan, United State, North America, U.S, Singapore

☆ Dollar firms, yen steady after Japan inflation holds above Bank of Japan's target
▼ + stars: | 2023-07-21 | by ( ) www.cnbc.com time to read: +3 min

Dollar bills and Japanese currency Yen lying on a table on August 03, 2016 in Berlin, Germany. The data bolsters the chances the BOJ will revise up this year's inflation forecast in fresh projections due next week. Carol Kong, a currency strategist at Commonwealth Bank of Australia, or CBA, said the market expectations for a BOJ policy tightening have ebbed and flowed over the past year. The yen has slipped about 1% against the dollar this week and is on course to snap its two-week winning run. Against a basket of currencies, the dollar rose 0.03% at 100.78, after gaining 0.5%.

Persons: Carol Kong, Kong, Kazuo Ueda, Ryan Brandham Organizations: Federal Reserve, Bank of Japan's, Commonwealth Bank of Australia, Validus Risk Management, Fed, European Central Bank Locations: Berlin, Germany, Central, Europe, Japan, United State, North America, U.S

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