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☆ Sterling steady, dollar wobbles as markets brace for post-Thanksgiving buzz
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +4 min

In this photo illustration, a old British £1 note is pictured with a one Dollar bill note on November 05, 2023 in Bath, England. The Australian dollar likewise stood near a roughly three-month high and last bought $0.6578, ahead of domestic inflation data on Wednesday. The weakening greenback provided some respite for the Japanese yen , which sat on the stronger side of 150 per dollar and last stood at 149.52 per dollar. The New Zealand dollar eased 0.1% to $0.6076, but was likewise hovering near Friday's more than three-month high of $0.6096. "I think the issues in the Middle East have definitely become more of a background risk," said CBA's Kong.

Persons: Sterling, Carol Kong, Jane Foley, CBA's Organizations: Federal, Reserve Bank of New, PMI, Bank of England, Commonwealth Bank of Australia, U.S ., U.S, Rabobank, Fed, New Zealand, Israel Locations: Bath, England, OPEC, Australia, Reserve Bank of New Zealand, Friday's, U.S, East, Gaza

☆ Dollar beaten to over two-month low as Fed cut bets take charge
▼ + stars: | 2023-11-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

U.S. Dollar and Euro banknotes are seen in this illustration taken July 17, 2022. Against the weaker greenback, the euro hit its highest since August at $1.09365, while the yen firmed at a one-month high of 148.68 per dollar. The Japanese yen remained on the stronger side of 150 per dollar and was last 0.3% higher at 149.17. The onshore yuan rose 0.5% to an over three-month high of 7.1700 per dollar, while the offshore yuan similarly got a boost and jumped roughly 0.6% to an over three-month top of 7.1703 per dollar. The Aussie was last 0.5% higher at $0.6546, having struck a three-month high of $0.6563 earlier in the session, while the kiwi gained 0.54% to $0.6025.

Persons: Dado Ruvic, Carol Kong, Vishnu Varathan, CBA's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, New Zealand, Fed, Commonwealth Bank of Australia, Treasury, ., Mizuho Bank, Thomson Locations: Rights SINGAPORE, Asia, China

☆ Dollar stumbles to over two-month low as markets eye Fed cuts
▼ + stars: | 2023-11-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The yuan struck three-month highs in both the onshore and offshore markets, propped up by China's central bank, while the Australian dollar similarly scaled a three-month top against the falling greenback. "If we do see risk appetite improve again, then the dollar can definitely weaken further." Against the weaker dollar, the euro rose to an over two-month high of $1.0924, ahead of flash PMI readings in the euro zone due later this week. The risk-sensitive Australian dollar edged roughly 0.5% higher to $0.6546, its strongest level since August, while the New Zealand dollar rose 0.52% to $0.60235. The onshore yuan rose 0.5% to an over three-month high of 7.1753 per dollar, while the offshore yuan similarly got a boost and jumped roughly 0.6% to an over three-month top of 7.1745 per dollar.

Persons: Dado Ruvic, Carol Kong, Sterling, Vishnu Varathan, CBA's, Rae Wee, Sam Holmes Organizations: REUTERS, Rights, Federal Reserve, Fed, Commonwealth Bank of Australia, Treasury, ., Mizuho Bank, New Zealand, Thomson Locations: Rights SINGAPORE, Asia, China

☆ Australia's CBA Q1 profit flat as competition in home loan market intensifies
▼ + stars: | 2023-11-13 | by ( Himanshi Akhand | ) www.reuters.com time to read: +2 min

Even though rate hikes since last year have boosted interest incomes and margins at Australian banks, rising cost of repayments has intensified competition in the home loan market, capping profit margins and hindering credit growth. Australia's biggest lender said cash net profit after tax was A$2.50 billion ($1.59 billion) for the quarter ended Sept. 30, same as the year earlier. CBA dominates Australia's A$2 trillion mortgage industry, which benefited from a property boom through COVID-19 restrictions. That had prompted Australia's "Big Four" banks to start offering cash payments for mortgage refinancing to lure borrowers. CBA's rivals National Australia Bank (NAB.AX), Westpac (WBC.AX) and ANZ Group (ANZ.AX) all posted higher annual profit earlier this month despite inflationary headwinds.

Persons: Edgar Su, CBA's, Matt Comyn, Australia's, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of Australia, REUTERS, Commonwealth Bank of Australia's, Citi, CBA, National Australia Bank, Westpac, ANZ Group, Thomson Locations: Sydney, Australia, Australia's, COVID, Bengaluru

CBA said cash profit was A$2.5 billion ($1.6 billion) for the quarter, which was 3% better than a consensus estimate for the period, according to data aggregator Visible Alpha. "Home lending margins stabilised in the quarter," it added, without giving figures. Shares of CBA rose as much as 1% in morning trading, in line with the broader market (.AXJO) as analysts welcomed the better-than-expected margin outcome and a smaller-than-expected provision for potential loan impairments. Commenting on the bank's stabilising home loan margins, E&P Financial analyst Azib Khan said that "it would be helping on this front that CBA has been willing to forgo market share". For the year to September, CBA said it grew its mortgage book at 0.7 times the rate of the overall mortgage industry.

Persons: Brendan Sproules, Azib Khan, Himanshi, Shilpi Majumdar Organizations: Commonwealth Bank of, ANZ, Westpac, National Australia Bank, CBA, Citi, P, Thomson Locations: Bengaluru

☆ Dollar steady as risk rally eases, RBA in focus
▼ + stars: | 2023-11-07 | by ( Ankur Banerjee | ) www.reuters.com time to read: +3 min

U.S. one dollar banknotes are seen in front of displayed stock graph in this illustration taken, February 8, 2021. The Australian dollar was 0.23% lower at $0.6474, but remained close to the three-month peak of $0.6523 touched on Monday. "I think the RBA will probably reiterate its tightening bias," said Carol Kong, a currency strategist at Commonwealth Bank of Australia. "But I think it's still too early to say the latest easing in the dollar will be sustained. The yen hit 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Dado Ruvic, Carol Kong, Neel Kashkari, Jerome Powell, Powell, CBA's, Sterling, Kazuo Ueda, Ankur Banerjee, Sam Holmes Organizations: REUTERS, Rights, Reserve Bank of Australia, Commonwealth Bank of Australia, New Zealand, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank of Japan, Thomson Locations: Rights SINGAPORE, Tokyo, Singapore

☆ Dollar steady as risk rally eases, Reserve Bank of Australia in focus
▼ + stars: | 2023-11-07 | by ( ) www.cnbc.com time to read: +3 min

A man walking past the Reserve Bank of Australia in the central business district of Sydney on June 7, 2022. The dollar was steady on Tuesday, holding overnight gains as investors took a breather from a risk rally, while the Australian currency drifted lower ahead of a central bank interest rates decision later in the day. All eyes in Asian hours will be on the Reserve Bank of Australia, which is widely expected to raise rates by 25 basis points, snapping four months of on hold policy decisions. Federal Reserve Bank of Minneapolis President Neel Kashkari said on Monday the U.S. central bank likely has more work ahead of it to control inflation. The yen hit 151.74 per dollar last week, edging closer to October 2022 lows that spurred several rounds of dollar-selling intervention.

Persons: Carol Kong, Neel Kashkari, Jerome Powell, Powell, CBA's, Sterling, Kazuo Ueda Organizations: Reserve Bank of Australia, Commonwealth Bank of Australia, New Zealand, Fed, Federal Reserve Bank of Minneapolis, U.S, Bank of Japan Locations: Sydney, Tokyo

☆ Dollar firms, yen weakens to intervention-wary level
▼ + stars: | 2023-10-26 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. The Japanese yen touched a fresh one-year low of 150.32 per dollar overnight and was last at 150.26. Japanese finance minister Shunichi Suzuki warned investors against selling the yen again on Thursday, saying authorities were closely watching moves. The New Zealand dollar also touched an 11-month low of $0.5780 and was last down 0.22% at $0.5788. Soft European economic data and negative interest rate differentials between Europe and the US will likely keep a lid on euro/dollar."

Persons: Florence Lo, Shunichi Suzuki, Suzuki, Carol Kong, Rodrigo Catril, CBA's, Sterling, bitcoin, Ankur Banerjee, Edwina Gibbs Organizations: U.S, REUTERS, Rights, Commonwealth Bank of Australia, Bank of Japan, Reuters, Australian, New Zealand, Benchmark, National Australia Bank, Canadian, Bank of Canada, European Central Bank, ECB, Thomson Locations: Rights SINGAPORE, Europe, Singapore

☆ Dollar loses steam ahead of Fed meeting minutes, US inflation test
▼ + stars: | 2023-10-11 | by ( Rae Wee | ) www.reuters.com time to read: +3 min

Four thousand U.S. dollars are counted out by a banker counting currency at a bank in Westminster, Colorado November 3, 2009. A slew of Fed officials have signalled in recent days that the U.S. central bank may not need to tighten monetary policy much further than initially thought. Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. U.S. Treasury yields have similarly tracked lower following the dovish Fed comments, with the two-year yield , which typically reflects near-term rate expectations, hitting a one-month low of 4.9260% on Tuesday. The offshore yuan , which touched a roughly one-month high of 7.2700 per dollar on Tuesday, last bought 7.2839.

Persons: Rick Wilking, Raphael Bostic, Neel Kashkari, Sterling, Thierry Wizman, Carol Kong, CBA's, Rae Wee, Jamie Freed Organizations: REUTERS, Rights, Treasury, dovish, Atlanta Fed Bank, Minneapolis Fed, U.S, Commonwealth Bank of Australia, New Zealand, Bloomberg, Thomson Locations: Westminster , Colorado, Rights SINGAPORE, U.S, Asia, CHINA, China

☆ Dollar loses steam ahead of Fed meeting minutes, U.S. inflation test
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: +3 min

Atlanta Fed Bank President Raphael Bostic said on Tuesday the central bank did not need to raise borrowing costs any further, and Minneapolis Fed President Neel Kashkari followed with similar remarks later in the day. U.S. Treasury yields have similarly tracked lower following the dovish Fed comments, with the two-year yield, which typically reflects near-term rate expectations, hitting a one-month low of 4.9260% on Tuesday. The focus now turns to minutes of the Fed's September policy meeting out later on Wednesday, which could offer further clues on its interest rate outlook. So I think markets are a little bit unsure whether that report is real," said CBA's Kong. The offshore yuan, which touched a roughly one-month high of 7.2700 per dollar on Tuesday, last bought 7.2839.

Persons: Raphael Bostic, Neel Kashkari, Sterling, Thierry Wizman, Carol Kong, CBA's Organizations: Treasury, dovish, Atlanta Fed Bank, Minneapolis Fed, U.S, Commonwealth Bank of Australia, New Zealand, Bloomberg Locations: U.S, Asia, China

☆ Dollar soft as markets brace for data fest; yen under pressure
▼ + stars: | 2023-08-29 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov.9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance (MOF) to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Dado Ruvic, Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling, Ankur Banerjee, Shri Navaratnam Organizations: REUTERS, Rights, U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand, Thomson Locations: Japan, United States, Tokyo, Singapore

☆ Dollar soft as markets brace for data fest, yen under pressure
▼ + stars: | 2023-08-29 | by ( ) www.cnbc.com time to read: +3 min

The dollar index , which measures U.S. currency against six key rivals, eased 0.077% at 103.85, after slipping 0.2% on Monday. The index is up 2% this month as resilient economic data bolstered expectations that interest rates may stay higher for longer. The yen inched up 0.12% to 146.36 per dollar in Asian hours but remained close 146.75, its lowest level since Nov. 9. Japan intervened in currency markets last September when the dollar rose past 145 yen, prompting the Ministry of Finance to buy the yen and push the pair back to around 140 yen. The Australian dollar added 0.03% to $0.643, while the New Zealand dollar eased 0.02% to $0.591.

Persons: Jerome Powell, Carol Kong, CBA's Kong, Jackson, Chanana, Ueda, Sterling Organizations: U.S, Reuters, Commonwealth Bank of Australia, Ministry of Finance, United, Saxo, Jackson, New Zealand Locations: Nantong, China's, Jiangsu, Japan, United States

☆ Dollar shines on US economic resilience; Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. The yen bottomed out at 146.565 per dollar in early Asia trade, its lowest level since November, having come under renewed pressure as a result of interest rate differentials between the U.S. and Japan. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia (CBA). "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: Dado Ruvic, homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's, Rae Wee, Gerry Doyle Organizations: REUTERS, Rights, dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S, Thomson Locations: Asia, Japan, China, CBA's Kong, The

☆ Dollar shines on U.S. economic resilience, Aussie tumbles after employment data
▼ + stars: | 2023-08-17 | by ( ) www.cnbc.com time to read: +4 min

Hundred dollar bills are seen in this photo illustraiton in Warsaw, Poland on Sept. 21, 2022. The Australian dollar tumbled after the country's July employment unexpectedly fell while its jobless rate ticked up more than expected. The Aussie sank nearly 1% after the release of the figures, dragging the New Zealand dollar alongside it. "We've got the U.S. staying really resilient still, under the weight of high interest rates," said Carol Kong, a currency strategist at Commonwealth Bank of Australia, or CBA. "We expect 25-basis-point rate hikes in both September and November, for a peak policy rate of 5.75%," said Wells Fargo economist Nick Bennenbroek of the Bank of England's monetary policy outlook.

Persons: homebuilding, We've, Carol Kong, Kong, Wells, Nick Bennenbroek, Matt Simpson, there's, CBA's Organizations: dovish Bank of Japan, Aussie, New Zealand, U.S, Federal Reserve, Commonwealth Bank of Australia, Fed, FX, Bank of England, Bank, Australian, Zealand, Reserve Bank of Australia, People's Bank of China, The U.S Locations: Warsaw, Poland, Asia, Japan, China, CBA's Kong, The

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

☆ 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

☆ 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

☆ 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

☆ Aussie surges after strong jobs data; China's yuan jumps
▼ + stars: | 2023-07-20 | by ( Rae Wee | ) www.reuters.com time to read: +4 min

"Ultimately, it's another strong set of employment figures which keeps the pressure on a data-dependant (Reserve Bank of Australia) to potentially hike rates in August." The offshore yuan last bought 7.1901 per dollar, while the onshore yuan strengthened past 7.18 per dollar to a session-high of 7.1620. RATES OUTLOOKIn the broader currency market, sterling was nursing deep losses after a sharp fall in the previous session following Britain's inflation data, which undershot market expectations. "The market I think is a bit more reasonable now with its expectations for rate hikes by the BoE. "We thought (the fall) was too strong, so it looks like the dollar has regained some of those losses," said CBA's Capurso.

Persons: David Gray, Matt Simpson, it's, Ken Cheung, BoE, Joseph Capurso, Yannis Stournaras, CBA's Capurso, Rae Wee, Sam Holmes, Jamie Freed Organizations: REUTERS, Australian, New Zealand, Bank of Australia, prudential, U.S ., People's Bank of, Mizuho Bank, Bank of England, Traders, Commonwealth Bank of Australia, Central Bank, U.S, Thomson Locations: Sydney, Australia, SINGAPORE, China, Asia

☆ Australia No.3 bank clinches union deal for staff to work from home
▼ + stars: | 2023-07-14 | by ( Byron Kaye | ) www.reuters.com time to read: +3 min

SYDNEY, July 14 (Reuters) - National Australia Bank (NAB) (NAB.AX), the No.3 lender, reached a deal that lets employees work from home, a union said on Friday, one of the world's first to give private-sector staff legal protection for remote work. This week the Australian federal body that sets public sector wages also agreed to a union request for uncapped work from home days. Some of Australia's biggest companies, including NAB and larger rival Commonwealth Bank of Australia (CBA) (CBA.AX), have set minimum office attendance requirements. A CBA spokesperson said the bank respected its existing union agreement "and those matters that require consultation". 2 bank Westpac (WBC.AX) and the FSU are currently negotiating a new enterprise deal which includes the question of whether to allow work from home, the union said.

Persons: CBA's, Byron Kaye, Jamie Freed, Lincoln Organizations: SYDNEY, National Australia Bank, NAB, Finance Sector Union, FSU, Australia's, Commonwealth Bank of Australia, CBA, Fair, Commission, Westpac, Thomson

☆ Australia No.3 bank reaches union deal that lets staff work from home
▼ + stars: | 2023-07-14 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

SYDNEY, July 14 (Reuters) - National Australia Bank (NAB) (NAB.AX), the country's No.3 lender, reached a deal that lets employees work from home, a union representing staff said on Friday, one of the first in the world to give legal protection for remote work. The deal breaks new ground in a global standoff between private sector companies and their staff since employers started calling an end to home-working arrangements that were precipitated by COVID-19. Some of Australia's biggest companies, including NAB's larger rival Commonwealth Bank of Australia (CBA) (CBA.AX), have set minimum office attendance requirements but the country's capital city office vacancies remain around one-sixth, far higher than pre-pandemic levels. The deal comes after the FSU took CBA, the country's biggest bank which has 49,000 staff, to the industrial regulator this week over a directive to return to the office 50% of the time. In Australia, the federal government agency that sets public sector wages agreed this week to a union request for uncapped days spent working from home.

Persons: CBA's, Byron Kaye, Jamie Freed Organizations: SYDNEY, National Australia Bank, NAB, Finance Sector Union, FSU, Australia's, Commonwealth Bank of Australia, CBA, Fair, Commission, Thomson Locations: U.S, Australia

☆ Yen steady, markets on intervention alert; Aussie up before RBA decision
▼ + stars: | 2023-07-04 | by ( Ankur Banerjee | ) www.reuters.com time to read: +4 min

"This is sending signals that a coordinated intervention may be coming as yen continues to hover above 144 per dollar," said Charu Chanana, market strategist at Saxo Markets. "A coordinated intervention usually has a longer lasting impact on the yen than a unilateral intervention would have." RBA WATCHThe focus in Asian hours will be on the policy decision from the Reserve Bank of Australia (RBA). "We estimate that a hike would push up Aussie modestly by 0.8% so long as the post‑meeting statement was not dovish. The Australian dollar was at $0.668, up 0.16% against the U.S. dollar, while the New Zealand dollar was also up 0.16% at $0.616.

Persons: Shunichi Suzuki, Masato Kanda, Janet Yellen, Charu, Kristina Clifton, CBA's Clifton, Ankur Banerjee, Shri Navaratnam Organizations: U.S, Treasury, Saxo Markets, Bank, Commonwealth Bank of Australia, U.S . Federal, Reserve Bank of Australia, Reuters, Australian, U.S ., New Zealand, Thomson Locations: SINGAPORE, Japan, U.S, United States, U.S ., Tokyo, Singapore

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